Apple could start production of its Car by 2024, as reported by Reuters. It will feature new technology with cheaper batteries with a ‘mono cell’ design that could enhance the vehicle’s range. The batteries would enable the vehicle to save more energy in a given space “by eliminating pouches and modules that hold battery materials,” the Reuters’ source quoted.
The rumors go back to 2015, but the project was reduced in size remarkably the next year. Apple’s team put a pin to the car’s planning and started focusing on producing software that could be licensed out to car manufacturers. Moreover, some 200 people were laid off from the car team last year.
Known as Project Titan, Apple has advanced enough that it now strives to develop a vehicle for consumers, one of the sources said. Alphabet Inc’s Waymo, Apple’s rival, has built Robo-taxis that carry customers for a driverless ride-hailing service. A person who worked on Project Titan said, “If there is one company on the planet that has the resources to do that, it’s probably Apple. But at the same time, it’s not a cellphone.”
Trip Miller, a managing partner at Apple investor Gullane Capital Partners, added, “It would seem to me that if Apple develops some advanced operating system or battery technology, it would be best utilized in a partnership with an existing manufacturer under license. As we see with Tesla and the legacy auto companies, having a very complex manufacturing network around the globe doesn’t happen overnight.”
Two people in the know of the project suggested that pandemic-related obstacles could push the production into 2025. Moreover, the shares of Tesla ended 6.5% lower on Monday after their debut in the S&P 500, whereas Apple shares ended 1.24% higher after the announcement.