We believe the opportunity for tech firms to disrupt the auto industry is large enough to fundamentally and permanently change how investors view transportation… setting off a wholesale reassessment of end market sizing, growth, competitive dynamic, margin potential and valuation […] The addressable market for mobility is on the order of $10 trillion (10 trillion vehicle miles x $1/mile), more than 13% of global GDP. This figure ignores the value of the time of the driver, infrastructure, social and environmental costs.
Apple could lift consumption of the EV category, they believe:
If the world’s most valuable company were to make a car, we strongly believe it will be an all- electric, battery-powered vehicle. Having a company with Apple’s resources and technical expertise throw its weight behind EVs could accelerate development and consumer adoption.