Apple (NASDAQ:AAPL) is streamlining the design of its car and delaying its launch, Bloomberg reported. The Apple Car was formerly scheduled to launch in 2026, but the technology giant has now set a potential release date of 2028.
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It’s worth noting that Apple is adjusting its focus towards a more simplified version of the electric vehicle (EV), deviating from its earlier strategy of developing a fully autonomous vehicle. The company is now concentrating on developing a car with a basic set of self-driving features, aligning more closely with Tesla (NASDAQ:TSLA).
While Apple is struggling to launch its car, the company has ventured into a new primary product category by launching its augmented reality headset, Vision Pro. However, the device’s high price may pose a hurdle, leading to a softening of demand despite solid pre-orders.
What is the Forecast for Apple Stock?
Wall Street is cautiously optimistic about Apple stock owing to the soft near-term demand for iPhones, iPads, and Wearables, Home and Accessories. Nonetheless, strong Services revenue is a positive. Thanks to the strength of its Services revenue, Apple stock has gained about 38% in one year, outperforming the S&P 500’s (SPX) gain of nearly 21%.
The stock has a Moderate Buy consensus rating reflecting 23 Buys, eight Holds, and one Sell recommendation. Analysts’ average price target of $203.19 implies an upside potential of 4.1% from current levels.
