Apple Inc.’s AAPL shares surged 2.85% in Tuesday’s regular trading session after a Reuters report said the Cupertino-based company planned to launch electric vehicles in 2024.
The iPhone maker added about $62.05 billion to its valuation in the day on Tuesday’s close. This is higher than General Motors Company’s GM — which has been making automobiles for over a century — entire market valuation of $58.5 billion.
Apple’s total market valuation is around $2.24 trillion.
General Motors shares closed 0.75% lower at $40.90 on Tuesday amid overall weakness in auto stocks over Apple’s planned entry.
Tesla Inc. TSLA saw its shares take a 1.46% hit as well, closing at $640.34.
Loup Ventures’ Gene Munster and CNBC “Mad Money” host Jim Cramer, at least, are pitching Apple as a prime competitor to upend the Elon Musk-led electric vehicle maker’s crown, if the consumer electronics company’s reported EV plans materialize.
Among other EV makers, Nio Inc NIO plunged 2.8% at $47.58 on Tuesday. Xpeng Inc XPEV shares dipped 4% at $45.05 and Li Auto Inc. LI tanked 4.78% at $31.29.
Related Link: Tesla Vs. Apple EV Battle Heats Up: Elon Musk Says Tim Cook Refused To Meet During Model 3's 'Darkest Days'
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