Apple Had A Hush-Hush Relationship With Tesla's Chinese-Rival BYD For Now-Abandoned Car Plans — Cupertino Poured Nearly $1B Each Year For A Decade Into The Project
Portfolio Pulse from Ananya Gairola
Apple had a secret partnership with BYD to develop long-range EV batteries, spending nearly $1 billion annually on the project before abandoning it. The collaboration influenced BYD's current battery technology, but Apple has since moved on to other battery systems.
October 17, 2024 | 2:35 am
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NEUTRAL IMPACT
Apple's secret partnership with BYD for developing EV batteries has ended. Apple spent nearly $1 billion annually on this project, which influenced BYD's battery technology. Apple is now exploring other battery systems.
Apple's significant investment in the EV battery project with BYD shows its commitment to the automotive space. However, the project's termination and Apple's shift to other battery systems suggest a neutral short-term impact on its stock.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
BYD's collaboration with Apple on EV batteries has ended, but the insights gained have shaped its current Blade battery technology. This could positively impact BYD's reputation and technology offerings.
The collaboration with Apple, despite its end, has positively influenced BYD's battery technology, potentially enhancing its market position and reputation, leading to a positive short-term impact on its stock.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70