Apple is reportedly advancing plans to develop a self-driving car “” here’s what it means for the sector

Apple is reportedly advancing plans to develop a self-driving car “” here’s what it means for the sector

Apple is moving ahead with its self-driving car technology and targeting 2024 as the year it produces a passenger vehicle, according to a report from Reuters.Five experts weigh in on what this news means for the stock.Jim Cramer, host of CNBC's "Mad Money," said a product may or may not come to fruition."If they have a product that's superior to, let's say it, Tesla, then they're going to put it out. If they don't, then they won't. Has [CEO] Tim Cook ever put out a product where he didn't think that the customer satisfaction would be right? … I just don't think that you want to buy the stock up 4% [Tuesday], knowing that they say 'No comment'."Danny Fortson, senior business reporter for The Sunday Times, called this a "gold rush" in the electric vehicle market."If you look at a Tesla, in many ways, it feels like an iPhone on wheels. And so you can see the logic there, but they're going to have to overcome several hurdles, not least of which is cost. Because one of the hurdles for electric cars generally is it's a lot more expensive upfront. That being said, the technology, whether it's the battery technology