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[Reuters, 21]- Various sources have revealed that Apple is pushing the development of autonomous cars and is aiming to start making passenger cars in 2024. The latest in-house developed batteries are expected to be installed.
Apple launched “Project Titan” in 2014 to develop an autonomous vehicle from scratch. However, progress is not uniform, and in 2019, 190 people were laid off from the project.
Since then, enough progress has been made and the company is currently aiming to develop a passenger car for the general public, according to two sources. This is in contrast to Weimo, a subsidiary of US Alphabet, which aims to develop autonomous cars for the taxi industry.
According to a third source, Apple has put the development of new batteries at the center of its strategy, which will lead to significantly lower battery prices and better vehicle autonomy.
It’s unclear how Apple’s car will actually be assembled, but sources say it will likely be in partnership with the manufacturer. However, due to the spread of the new coronavirus infection, the start of production may be delayed after 25 years.
Apple declined to comment on this matter.
Automotive manufacturing, even Apple, faces challenges in its large supply network. “The only company on the planet that can work is Apple, but it’s not like a mobile phone,” said a person who was previously involved in Project Titan.
Trip Miller, a managing partner at Galene Capital Partners, which invests in Apple stocks, also noted that it would be difficult for Apple to mass-produce cars from scratch. “If Apple develops advanced operating systems and battery technology, it would be more beneficial to partner with an existing manufacturer under a license agreement,” he said.
“You can’t have a very complex manufacturing network around the world overnight, as you see at Tesla and traditional automakers,” he added.
Hull Edins, chief economist at Capital Investment Counsel, an Apple shareholder, said Apple has a higher margin than most automakers. “I’m not very attracted to the auto business, but Apple may have a different perspective,” he said.
Apple shares closed 1.24% higher in response to this report.
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