Apple Stock Up, EU Adopts Reform That Companies Must Utilize USB-C Charging Ports by 2024


Apple stock closed at $146.10. At close: October 4 04:00PM EDT

Since the European Union has unanimously approved a reform requiring tech businesses to use the charging standard in what it claims will reduce costs and electronic waste, Apple (NASDAQ:AAPL) and other consumer electronics companies will be compelled to use a USB-C charging connection for their gadgets.

The legislation, which was approved on Tuesday, is anticipated to help the EU eliminate 11,000 tons of electronic waste annually and save consumers $250 million, or 250 million euros, on what the bloc called “unnecessary charger purchases.”

According to the change, laptops will be exempt from this need until 2026, while all mobile phones, tablets, and cameras marketed in the EU must enable USB-C charging. The law also applies to other consumer electronics, such as e-readers, handheld video game consoles, headphones, and more.

Samsung (OTCPK:SSNLF) and other device manufacturers may also be impacted due to the broad range of consumer electronics being touched.

The report’s author, Alex Agius Saliba, said in a statement that “we have waited more than ten years for these guidelines, but we can finally leave the current variety of fees in the past.” “This future-proof regulation enables the development of cutting-edge charging methods in the future, and it will benefit everyone – from disgruntled consumers to our vulnerable environment,” says the author.

5 Dow Jones Stocks To Watch In October: Apple Rebounds

Previous chargers that could be used with older models of devices won’t be permitted under the new regulations. Apple (NASDAQ:AAPL) has previously claimed that mandating USB-C charging connections on iPhones—which use the firm’s exclusive Lightning connector—would increase electronic waste and stifle innovation.

According to recent sources, Apple is developing an iPhone that would accept USB-C charging, and the product might be available as early as 2023. n602 members voted in favor of the reform, 13 opposed it, and 8 abstained. According to third-party figures cited by Morgan Stanley on Monday, net revenue for Apple’s (NASDAQ:AAPL) App Store fell 5% from the same month last year.

Apple Stock Analysis

The IBD Shares Checkup gives Apple stock a 76 out of a maximum potential 99 IBD Composite Rating. A blend of important technical and fundamental criteria called the Composite Rating, which makes it simple to find top growth stocks and aids investors in determining a stock’s strengths.

Featured Image-  Megapixl @  Andreistanescu

Please See Disclaimer

About the author: I'm a financial freelance writer keen on the latest market developments which i articulate with writing stock updates, press releases and investor news. As a person i live by the code of a sustainable human existence and a carbon neutral universe. When off work, i spend time reading non-fiction books, flying drones, and outdoor cycling.