Apple might release a self-driving EV — it's not the first, but could it be the best?

iPhone on wheels... but you prob won't need the AUX cord. The iCar has been rumored since 2015. Just like with the rest of its products, Apple isn't building/assembling it itself. Now we finally know who the manufacturer might be (spoiler: not Tesla).

• The news: Apple is reportedly close to sealing a deal with Hyundai-Kia to make an Apple-branded, fully self-driving electric car. Tentative ETA: 2024. Secretive Apple didn't confirm.
• The deets: The "Apple Car" would be designed in Cupertino... and manufactured at a Kia assembly plant in Georgia. But there's a chance the deal won’t happen.

2 Fast 2 Furious... Apple's first car attempt, "Project Titan," began in 2014 and crashed in 2019. So why is the Fruit trying again? To put it in marketing terms: the TAM is huge. Total addressable market = the total amount of money companies could make selling a specific product/service.

• $500B: The annual TAM for smartphones. Apple controls more than a 30% share of that, according to Morgan Stanley analyst Katie Huberty.
• $10T: The TAM for global mobility. Apple would need only a 2% share of that market to match the size of its iPhone biz (it made $66B in iPhone sales just last quarter).