Apple is working on making electric vehicles and this may be bad for Tesla and all EV car makers out there

Apple is a big company that likes to shake any industry that they decide to divest into. Today, the news broke that Apple is developing its own electric vehicles that will be available in 2024.

According to reports, Apple targets car production and battery technology by the year 2024, and the news caused Apple stocks to soar 3 % earlier today. On the other hand, Tesla stock has gone down by about 4% for the day. 

When is Apple's Electric car going to be released?  

Apple is currently producing electrical vehicles behind closed doors and it is expected to be ready by the year 2024. 

“It’s next level. Like the first time you saw the iPhone,” a Reuters source said of Apple’s battery technology.

“If there is one company on the planet that has the resources to do that, it’s probably Apple. But at the same time, it’s not a cellphone,” said a person who worked on Project Titan.

Apple's plan to roll out electric vehicles may affect Tesla stock due to competition and the fact that Tesla stock is overvalued.