At the meeting Tesla Motors, the leader in the electric vehicle market, addressed the issue of cost and battery production as well as future installments in regard to its third-generation car.
"The issue is in order to create a compelling mass market car, we need a lot of battery production, and it needs to be at an affordable price that it doesn't hurt the affordability of the car," CEO Elon Musk said. Musk previously announced the goal to create a car with the cost around $35,000 compared to the $65,000 base price of the Model S.Along with the change in cost, Musk stated there would be additional software updates for the Model S coming this year, including more customization abilities, as well as improvements in regards to the mapping which would allow cars to anticipate the driver's route.
Google (GOOG) fell 0.03% to $544.766 after launching overnight delivery series to shoppers. Competing with eBay and Amazon, the Internet giant expanded its growing Google Shop Express initiative by making overnight shopping available in select cities in the Bay Area. Google is working with household names like Target (TGT) and Walgreens (WAG) as well as local retailers to create the shopping service. The service was originally launched last year in San Francisco and has since expanded to New York City and West Los Angeles.
Apple (AAPL) shares rose Wednesday, continuing its surge in 2014, two days after the company kicked off its Worldwide Developer Conference (WWDC) earlier this week.
The company introduced a variety of new software upgrades at WWDC, which started on Monday. These advancements include -- the ability to switch tasks easily between Apple products with the "Handoff" feature, the newest Mac OS X, codenamed Yosemite, as well as a new programing language - Swift. Handoff allows users to interchange between iPhones, iPads and Mac computers and gives them the option to use Macs as speakerphones, or caller ID for their phone, or even to make phone calls, and text messages.
According to Piper Jaffray, Apple's move to a more unified experience created a strengthening of the platform. "We believe that the updates to the iOS platform are meaningfully ahead of other platforms and will ultimately enable the next round of iOS devices to maintain significant popularity/share at the high-end among consumers," said analyst Gene Munster in a note. Shares closed higher Wednesday, having gained 1.14% to close at $644.82, gaining 14.9% for the year to date.
--Written by Kathryn Mykleseth in New York
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