APPLE

Apple is looking at launching a next-generation self-driving car by 2024 equipped with its own battery technology.

Apple began its foray into automotive technology in 2014 under Project Titan by designing its own vehicle from scratch.

Apple will fund 95% of the costs of a new generation of satellites that Globalstar ordered in February from MDA Ltd. and Rocket Lab.

Globalstar had been working under a Terms Agreement with an unnamed partner since 2020 that included milestones later tied to Apple.

Apple partnered with Globalstar on 2022-09-07 to provide satellite messaging services for new iPhones and become Globalstar’s biggest customer.

Apple will dedicate $450,000,000 to support the inclusion of the emergency messaging feature in the iPhone 14.

Apple committed $450,000,000 from its Advanced Manufacturing Fund toward satellite infrastructure to support its SOS feature.

Apple is investing $450,000,000 to upgrade Globalstar’s network.

Apple is providing the $252,000,000 as a prepayment to use Globalstar's network to upgrade satellite services launched last year for Apple's latest iPhone.

Globalstar selected MDA to build its Apple-backed third-generation LEO satellites within the past 18 months.

Globalstar contracted SpaceX to launch Apple-backed satellites in 2025 to replenish its low Earth orbit connectivity constellation.

Globalstar contracted SpaceX to launch Apple-backed satellites in 2025 to replenish its low Earth orbit connectivity constellation.

MDA won a 2022 contract to build Globalstar’s third-generation low Earth orbit network with financial backing from Apple.

Apple is providing about $232,000,000 to Globalstar to refinance debt due in 2029.

Apple will inject $1,700,000,000 for a new Globalstar constellation to improve space-based communications for iPhones.

After Apple agreed in 2022 to cover most of the costs to replenish Globalstar’s constellation, Globalstar awarded MDA a $327,000,000 contract to build 17 satellites.

The article was updated 2024-11-04 to correct details about the $232,000,000 Globalstar would be getting from Apple to reduce debt.

Apple will make $1,100,000,000 in staggered cash prepayments to Globalstar to help fund the new network.

Apple would take a 20% equity stake in the new Globalstar constellation for $400,000,000 if the deal closes as expected 2024-11-05.

Apple has used Globalstar’s current network of 31 L-band satellites since 2022 to enable iPhones to access emergency services when terrestrial networks are unavailable.