19:07:02 EDT Sat 25 May 2024
Enter Symbol
or Name
USA
CA



Apple CDR (CAD Hedged)
Symbol AAPL
Shares Issued 8,150,000
Close 2024-03-04 C$ 25.95
Market Cap C$ 211,492,500
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Globe says Apple learns a lesson in humility

2024-03-04 06:33 ET - In the News

The Globe and Mail reports in its Monday edition that the consumer landscape is littered with the failures of companies that did not stick to their knitting. The Globe's Gus Carlson says examples include Cadbury's instant mashed potatoes, Samsonite's outerwear, Evian's spring-water-filled brassieres and Colgate's frozen entrees. Now, add Apple electric vehicles to the scrap heap of product brand extensions that went wrong because of hubris that muted leadership's self-awareness about its own limitations. News last week that the iPhone maker is abandoning its EV initiative after more than a decade proves that it takes more than money and moxie to succeed in the fast-evolving world of EVs, even if you are Apple. No one has ever suggested that arrogance is not a core competency at the company. Apple may believe it can own any market it chooses, but sometimes reality gets in the way. While Apple dithered, the early adopter surge that drove a spike in sales abated, as high sticker prices, range anxiety and lack of charging infrastructure spooked the next wave of buyers. Apple will refocus investment and reassign the 2,000 EV workers to generative artificial-intelligence work. That seems to be more Apple's kind of knitting.

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