Maybe the rumoured Apple will finally become a reality as the tech giant’s car is apparently back on track, reported TechExplore.
It’s important to note that the company rarely discusses future products, however, the fact that Apple is the world’s most valuable company directly makes us take their new products seriously. Wedbush Securities analyst Dan Ives wrote in a research note that they continue to believe it’s a matter of when, not if, Apple enters the EV competition. But if we assume that it will actually happen, there are some interesting and important questions that need to be answered.
First of all, we all expect that the car will be a battery-powered electric vehicle. Given the company’s expertise in battery-powered consumer electronics, it makes sense that it would attempt to extend that expertise to cars. However, it is important to note that batteries for cars are much different from batteries for customer electronics.
There are also some speculations about the name of this potential new product. The only thing we know is that Apple’s code name for its car project was Project Titan (at least when it was cancelled around 2016).
We all know that there is not a cheap Apple product, however, there is not an estimated price for this car. The reports also suggest that Apple is in discussions with the company that manufactures Hyundai and Kia vehicles. What is more, it would make a more than $3 billion investment to assemble the vehicle at a plant in Georgia. Another possibility according to Evercore ISI analyst Chris McNally is that the contract manufacturer Magna International will be involved.
Most of the major automakers and numerous tech companies are working on self-driving vehicles, so it will be definitely a surprise if Apple isn’t doing the same. Analysts also suggest that the vehicle will be unveiled as soon as 2024, but it’s most likely that it won’t be ready by then.
The political environment is another factor that doesn’t have to be ignored. Dan Ives shared:
“Taking a step back, we believe this speaks to what we believe is a golden age of EVs on the horizon with a green tidal wave expected in the US under a Biden Administration and China seeing skyrocketing consumer demand across the board.”
We also don’t have to neglect the possibility that the project may fall apart again in the future. Perhaps the greatest risk is that Apple decides it’s just too expensive to dive into auto manufacturing, which is where cash can go to die. We all know that Apple won’t run out of money anytime soon, but shareholders will definitely not react positively to one potential money-losing venture.
