Apple just announced the "ICar"

Apple Inc (Nasdaq: AAPL) continues with its long-standing plans to introduce the Apple Car by 2024. According to Wall Street analysts, Tim Cook, Apple's CEO, will not be able to start vehicle production and the odds are between 35% and 40%. According to Wedbush Securities analyst, Dan Ives expect factors like battery upgrade, safety issues, regulatory hurdles, and auto manufacturing capabilities to delay Apple's ambition to unveil the standalone car by 2024. Apple could enter the market faster with its standalone product by entering into strategic alliances with established players such as Tesla or Volkswagen. Elon Musk, Tesla CEO, approached Apple in 2017 to divest its EV business when the company was struggling with financial difficulties. According to Rod Hall, an analyst at Goldman Sachs, Apple might consider the option of a service provider role to help realize its ambitions, much like it did with the introduction of the television. Tech companies want to get into the auto industry, says Hall, because consumers will spend a lot of time in self-driving vehicles that feed them with information. Electric vehicle demand is expected to reach $ 1 trillion over the next decade. Despite lower profit margins, this will offer massive opportunities for businesses. Hence, Apple will take on the role of service provider to get a bigger pie of the EV business. Apple collects a lower commission fee from some of the SBP (Small Business Participants). Developers earning less than $ 1 million per year in income will be charged half the store commission fee starting November 2020. The app developers only have to pay a fee of 15% for in-app purchases and sales compared to the previous 30%. Apple will be accepting new participants from December 2020 and expects to start early next year. Jacob Gorba, Founder of Apparent Software, and other attendees confirmed that the reduced commission fee is now in effect. Apple opted for a lower commission fee after several companies raised concerns about a higher commission of 30%. The social media giant Facebook criticized Apple for not lowering the commission for its Facebook Pay.