The past week has been a rollercoaster for Apple Inc. AAPL. The tech giant made headlines with its decision to abandon its self-driving car project, the revelation of a secret partnership with Chinese EV manufacturer BYD, and record-breaking iPhone sales. Let’s dive into the details of these stories.

Apple Abandons Autonomous Vehicle Project

Apple has officially terminated its self-driving vehicle testing permit in California, following its earlier decision to abandon its electric vehicle project. The California Department of Motor Vehicles confirmed that Apple requested the cancellation on Sept. 25, with the permit officially ending on Sept. 27. This move aligns with previous reports indicating Apple’s retreat from the electric vehicle market after a decade-long effort.

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Apple’s Secret Partnership with BYD

In a surprising revelation, it was reported that Apple had a secret partnership with Chinese electric vehicle manufacturer BYD to create long-range electric vehicle batteries. The partnership, which started in 2017, aimed to develop a battery system using lithium iron phosphate cells. While Apple does not own any technology used in BYD’s current Blade batteries, this development proves Cupertino’s efforts to produce a car.

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Record-Breaking iPhone Sales

Apple set a new sales record for its iPhone during the third quarter of 2024, coinciding with a broader recovery in the global smartphone market. According to Canalys, Apple’s iPhone sales were narrowly edged out by Samsung Electronics Co. Ltd., with both tech giants capturing an 18% market share.

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Apple’s Low-Cost Vision Pro

Apple is reportedly ramping up its efforts to compete with Meta Platforms Inc. The iPhone maker’s discounted version of the first-generation mixed-reality headset, Vision Pro, could be ready by next year. Over the weekend, it was reported that Apple’s Vision Pro team is working on at least four new devices that address current criticisms.

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Apple’s Inventory Shortage

Apple is reportedly experiencing a shortage in inventory for several of its products, leading to speculation about the imminent launch of new models. Retail inventory for several Apple products, including iMacs, MacBook Pros, Mac minis, iPad minis, and their accessories, is running low. Such inventory shortages are often indicative of a company preparing to introduce updated versions of its products.

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Photo courtesy: Unsplash

This story was generated using Benzinga Neuro and edited by Rounak Jain