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The American Company Apple Has Big Plans for the Electric Car Market
Having assumed for some time that it would invest in the electric car sector and launch its own brand, Apple caught attention by reviving this idea last week; according to reports, the multinational has been planning to enter this market for about five years.
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Apple Aims to Enter the Electric Car Market
Utilizing anonymous sources, Reuters reported that by 2024 Apple will launch into the automotive market with autonomous electric cars through the so-called Project Titan. Purposefully, Apple had already secured a license from the California Department of Motor Vehicles for testing autonomous vehicles since 2017. In addition to the iPhone creator’s brand, operating system software will also be made available to manufacturers.
Hired by the multinational, former Tesla Vice President of Engineering Doug Field is coordinating the team developing this project. Little is known about the project, but the automotive market is already eagerly awaiting to know Apple’s line of electric cars. Although the launch plans are set for 2024, it is likely that the date will extend to 2025, due to the COVID-19 pandemic.
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Tesla Currently Leads the Market
Market analysts have been speculating about this new investment from Apple, considering that the company already has a major competitor: the pioneer in electric car manufacturing, Tesla, followed by Toyota.
“If they keep waiting, could Tesla get so far ahead that Apple would never be able to catch up?” asked D.A. Davidson analyst Tom Forte.
In any case, investing in a new sector may – or may not – generate another source of income for Apple, considering that not all companies have sufficient capital to invest in the automotive market, especially in energy-powered autonomous vehicles. Electric cars are known for being non-polluting agents for the environment, but significant investment is needed to make them a reality. What is certain is that the company has big plans for Titan and we hope to learn more details about this precious project by the end of 2021.
