Daryanani sees “increased probability” that Apple could introduce an autonomous electric vehicle in the next five years and make money from providing passengers with an array of services. He estimated a car could add $36 billion to Apple’s sales.
Apple reported revenue totalling US$274.5 billion ($364.24 billion) in fiscal year 2020. The company will release its first-quarter results on Jan 27.
Daryanani raised his target price for Apple stock to US$160 a share; it traded up 3% to US$143.18 at 1.12 pm in New York.
Development of an Apple Car is still in the early stages and is at least half a decade away, Bloomberg News reported earlier this month. The company also is investigating building its self-driving-car system for a third-party partner rather than an Apple vehicle, according to people with knowledge of the efforts.
