Apple Targets Electric Cars: "We Would Like To Get An Understanding Of Availability For The Space,' Says iPhone Maker
Apple electric car is the next big project that the telcom giant seems to be working on. Tesla has been closely associated with its electric car project in the automotive industry but now Apple electric car becomes a more solid proposition, reported ValueWalk. Tesla already enjoys its market leadership in electric cars and has already sold millions of electric cars across the world and also has a robust on-road model apart from a well-established supply chain for its product.
The project is code named as Titan and has been assigned 2019 as a shipping-date to its project. Earlier reports had revealed that Apple is committed on entering the car market when the automotive industry is already facing a disruptive state, reported The Atlantic.
An exclusive report from The Guardian confirmed that the mobile tech giant is indeed planning to go ahead with its electric car project and is scouting for locations in Bay area region. Apple lawyers met with officials at California's Department of Motor Vehicles and Apple engineers quietly scoped out a 2,100-acre campus in the Bay Area that's being used as a high-security testing ground for autonomous vehicles.
The Guardian obtained correspondence between Apple and State Department officials under public records act revealed the text from Apple engineer Frank Fearon as "We would ... like to get an understanding of timing and availability for the space, and how we would need to coordinate around other parties who would be using [it]," said The Guardian.
Market analysts said that currently iPhone contributes to nearly three-fourth of the company's profit and Apple wants to move away from all eggs in one basked situation. An iCar or Apple Electric car will be much needed diversification that the company wants. Sundeep Bajikar and a team of Jefferies analysts released a report this week saying that Apple will likely sell 200,000 cars that cost $55,000 on average, adding $11 billion in revenue and $1.6 billion in profit in 2019, reported Your4State.
