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Tim Cook Finally Opens Up About The Much-Hyped Apple Car

April 8, 2021
in Markets & Economy
0
Apple drops app store fees to 15% as legal scrutiny intensifies

By Haley Zaremba
After the novel coronavirus tore through communities worldwide and left a path of economic and public health devastation in its wake, many sectors are still struggling to recover. Compared to last year, the unemployment rate in the United States has doubled, the long-term unemployment rate has risen, and more than 8 million U.S. residents have slipped under the poverty line since last summer. But despite all of the signs of economic distress on the ground and in our communities, the stock market has been going strong – really strong. In fact, at the same time that many were slipping into poverty, a stock market going gangbusters was creating a new club of hundred billionaires, with Elon Musk and Jeff Bezos leading the way.
2020 was, in fact, a year for the record books for Musk, who even briefly overtook Jeff Bezos as the richest man on Earth after Tesla Inc.’s stock market value gained over 700% in a single year and then received an extra boost thanks to the market buzz created by the electric vehicles company’s admittance to the S&P 500. While Tesla has had a bit of a volatile ride in recent months, Tesla’s stock appears to be back and hotter than ever. And that bubble is likely not anywhere close to bursting as EV markets look forward to a huge boom in the coming months and years.
Green energy and EV stocks have already been experiencing record-breaking investment numbers as Environment, Social, and Governance (ESG) investing becomes increasingly mainstream. And now EVs have gotten a major boost from President Joe Biden’s massive new infrastructure initiative. $174 billion of the $2 trillion infrastructure and jobs proposal unveiled last week will go directly to supporting electric vehicles. “That money will help pay for 500,000 electric vehicle chargers over the next decade,” Vox reported this week. “It also covers modifying factories to build electric vehicles (EVs), grants and tax incentives to encourage buyers, and shoring up a domestic supply chain to make electric cars and trucks.”
The writing is on the wall: the EV boom coming down the pike is so major that there’s been speculation as to whether the world even produces enough energy to support it. So it makes sense that anyone who’s anyone wants in on the EV game. Chinese tech companies including Huawei and Xiaomi are working on their own battery-powered electric vehicles, and now the latest buzzworthy proposed entry to the EV market came this week from none other than Tim Cook, who dropped hints about the much-anticipated Apple Car in a recent episode of Kara Swisher’s Sway podcast for the New York Times.
It’s been an open secret that Apple has been working on an electric car with highly advanced autonomous technology for a while now thanks to patent leaks, but now the Apple CEO has finally publicly acknowledged the project. While Cook opted not to specify whether Apple is working developing its own electric vehicle or the technology within a car, he remarked in the interview that he has great “admiration and respect” for Tesla, although he has never personally spoken with Elon Musk.
What we do know, according to Car Buzz, is that “after failing to strike a deal with Hyundai and Nissan to manufacture the car, Apple is now reportedly in talks with Magna, an auto parts supplier based in Canada that is building the Fisker Ocean.” We also know that the Apple Car is going to be extremely technologically advanced. In his Sway interview, Cook compared the upcoming car to a robot, emphasizing the importance of the vehicle’s autonomy technology. “We love to integrate hardware, software, and services, and find the intersection points of those because we think that’s where the magic occurs,” he said. “And we love to own the primary technology that’s around that.”
While we’re still a little light on the details, it seems clear that Apple will not be satisfied to enter the already booming EV market with a car that’s indistinguishable from the rest. When the Apple Car is finally unveiled, it’s going to be a futuristic vehicle designed to compete in a league of its own.
Crude Oil

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EIA Increasingly Optimistic About Oil Demand Growth

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By Felicity Bradstock OPEC and partners are betting on a significant boost in oil demand over the coming months as member states get ready to ramp up oil production. OPEC, Russia, and their allies are planning to increase oil production by 2.1 million bpd by as early as July this year, suggesting the confidence they have in a market rebound. The organization’s output cuts of 7 million will be eased significantly each month between now and July. Saudi Arabia is also expected to ease its voluntary output cuts to increase production by 1 million bpd by July. The announcement to ease restrictions comes unexpectedly as the oil industry is once again suffering from increased Covid-19 restrictions as Europe and parts of Latin America go into a third wave of the pandemic. Oil prices have dropped to the lowest in almost two weeks as European lockdown measures continue to be extended, leaving the market unsure of upcoming demand trends. Futures in New York fell 4.6 percent on Monday, from $64.86 a barrel on April 1 to $62.15, which decreased oil prices to below the U.S. crude’s 50-day moving average. OPEC will be hoping that prices remain generally high as production increases, relying on the international market to soak up the higher crude production by the summer months. However, it will be battling with restrictions on travel, closed businesses, and the new working-from-home norm. However, optimism around the vaccine rollout continues, as the U.K. has given the first vaccine to almost half of the population, and the U.S. to over 30 percent of the population. While vaccination programs in the rest of Europe and North America are moving at a slower rate, there is still hope that many countries will catch up by late 2021. Vitol, the world’s biggest independent oil trader, stated this week that it expects oil demand to increase over the next decade but warns jet fuel recovery will be slower. While certain oil sectors will remain stagnant, others are expected to increase, including light ends used in manufacturing. Platts Analytics is also optimistic about the 2021 rebound, anticipating an oil demand growth of 5.9 million bpd this year, in comparison to the 9 million bpd decrease experienced in 2020. The firm expects demand to climb steadily before plateauing at an estimated 113.5 million bpd in the late 2030s. The increase in demand will come predominantly from Asia, as China and India’s energy needs are steadily increasing as already developed markets, such as Europe and North America, are expected to stagnate. OPEC+ is looking increasingly toward India and its oil refiners, as Saudi Arabia hopes to forge strategic relations with one of the fastest-growing downstream markets in the world. At present, the Arab Gulf States account for around 20 percent of India’s total import bill, which is dominated by oil and gas. While Covid-19 restrictions continue to hamper oil demand, optimism around the vaccine rollout as well as increased demand from emerging markets suggests OPEC’s plan to ramp up production will be met with enthusiasm. Crude Oil

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