Apple Inc.’s experimentation with car technology could help push the company’s valuation past $1 trillion within the next 12 months from nearly $750 billion today, according to the new bull-case price target set Monday by Morgan Stanley.
Apple has been working on an electric auto and is pushing to begin production as early as 2020, people with knowledge of the matter said last month. Google said in January it aims to have a self-driving car on the road within five years.
Tesla Motors Inc.’s success in creating a startup car company has also shown that the traditional barriers of entry into the auto industry aren’t as difficult to overcome as some thought. Tesla and General Motors Co. are both targeting a 2017 release of an electric vehicle that can go more than 200 miles on a single charge and cost less than $40,000.
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