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Apple (AAPL) Partners ChargePoint for Vehicle Charging Data

Zacks Equity Research
·3 min read

Apple’s AAPL CarPlay recently collaborated with ChargePoint, one of the world’s largest electric vehicle (EV) charging networks to bring essential EV charging data inside the vehicle.

To access the new ChargePoint functionality, vehicle owners will need a device updated to iOS 14 or above in a CarPlay vehicle along with the ChargePoint app, which, when connected, will provide EV charging information on the in-car infotainment system.

Drivers will be able to find nearby chargers, check station status, start a session, navigate to a station and more, without the need to pick up their iPhone while in transit. Apple’s CarPlay cockpit screen will display information such as the location and status of charging stations on ChargePoint’s mobile app for EV drivers on the go.

Additionally, the app will enable drivers to filter stations by speed of the charger, cost, availability and plug type while navigating to the nearest charging station.

The CarPlay support has been rolled out in the United States, United Kingdom, Canada, Austria, Belgium, Denmark, France, Germany, Ireland, Italy, the Netherlands, Norway, Spain, Sweden, and Switzerland.

Apple Inc. Price and Consensus

Apple Inc. Price and Consensus
Apple Inc. Price and Consensus

Apple Inc. price-consensus-chart | Apple Inc. Quote

Solid Growth Prospect Drives Competition

Apple’s move is a testament to its progressive stance toward strengthening presence in the booming self-driving vehicles market, which is expected to hit $556.67 billion by 2026, witnessing a CAGR of 39.47% between 2019 and 2026, per a report from Allied Market Research.

Also, per a report from Grand View Research, the global self-driving car and truck market is projected to witness a CAGR of 63.1% between 2021 and 2030.

Given this upbeat scenario, Tesla TSLA, Alphabet’s GOOGL Waymo self-driving unit, General Motors, Apple, Amazon AMZN and Baidu are leaving no stone unturned to bolster presence in this promising market.

This year, Alphabet’s Waymo partnered with Volvo to develop a new self-driving electric vehicle for use in a ride-hailing service. Moreover, Waymo has also partnered with Fiat-Chrysler Automobiles for Pacifica Hybrid minivans and with Jaguar Land Rover for I-Pace electric vehicles.

Moreover, in October, Waymo announced opening of its driverless service to the general public. The robo-taxi service is available in Phoenix, AZ and will be expanded to all users of its app.

In June, Amazon purchased autonomous vehicle company, Zoox for $1 billion. The company is said to have offered $100 million in stock inducements to retain talent at Zoox post-acquisition.

Nonetheless, Apple’s growing autonomous driving initiatives available to Apple users including Dark Mode and Apple Watch compatibility are expected to be key differentiators.

Moreover, this Zacks Rank #3 (Hold) company added a new ChargePoint widget in Today View for iPhone where drivers can find nearby stations or check real-time charging status. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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