Analysts say that the Apple Car will be 'formidable competition' to TeslaLook out, Tesla. Apple is coming for your lunch.
What you need to know
Morgan Stanley analysts believe Apple may be Tesla's biggest competition.
They point to potential services revenue as one of the reasons for Apple wanting to build a car.
Reported by 9to5Mac, a new investor note from analysts at Morgan Stanley says that a car from Apple would be "far more formidable competition than the established OEMs" to Tesla. Like any industry that Apple wades into, the analysts believe that Apple may be building its own self-driving car because it has identified an opportunity to "dramatically improve the user experience."
Morgan Stanley explains that Apple's interest in entering the electric car industry is likely its desire to "enhance the driving experience with vertical integration of hardware, software, and services." At the same time, the company also gets to enter a "large, fast-growing industry" where it can "dramatically improve the user experience."
The note goes on to s...
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Analysts say that the Apple Car will be 'formidable competition' to Tesla
