Apple being one of the most valuable companies in the world, could become more massively valuable if it makes a dip in the automobile industry. Although the past six years of speculation have been a roller coaster, between whether Apple is or isn’t building a car?
There were reports suggesting Apple manufacturing an autonomous car (Apple Car) with Hyundai Kia in Georgia. Now that seems to be a part of past news too, with the Korean carmakers stating they aren’t in talks with Apple on car development. So, looking at the present, it looks like Apple’s EV may come to life with support from Magma International and LG.
According to the reports by Reuters, Apple was looking to start production of its car by 2024. Although, the pandemic could delay things because of supply chain issues.
According to Korean reports, Apple is close to signing a partnership with South Korean LG and Canadian Magna International, which is a contract manufacturer. The long-rumoured Apple car is reportedly set to enter into production with the trio joining hands to work together.
LG is set to help with the powertrain with its deep knowledge of EV batteries. Design and production handling would be looked at by Magna. The deal may become public sometime this year.
Apple is known for sleek and stylish designs and the Apple Car would be no disappointment either, given the reputation of the company. Although not much has been known about the venture and the car stays fairly a thriller. Notoriously obsessed with secrecy, Apple hasn’t yet disclosed or even admitted it’s working on a vehicle.
Steve Jobs, CEO of Apple had his interests piqued with Tesla’s brilliant engineering when it unveiled its first electric car in 2008. Ever since Apple has made attempts to make the vision concrete. Whether a fully autonomous or a semi-autonomous car, the road hasn’t been easy for Apple. With Apple not having much know-how of manufacturing, and so it’s likely to rely on an outside manufacturer to build a car, just as in the case of the iPhone, where it relies on other companies for its making. Despite the hurdles, the potential rewards would be staggering.
Tesla is currently the most valued automaker in the world. If Apple cuts into Tesla’s profits, it could tamper Tesla’s share price. Although a few analysts believe that Apple will prove to be more of a threat to legacy automakers like Ford rather than Tesla. With the age of mobility setting-in, car making could prove to be a game-changer. Nevertheless, it is going to be steep climb to catch up with Tesla.
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Apple is supposedly narrowed down finally to come up with an autonomous driving tech and a new battery design that will give Tesla a run for their money, according to some anonymous sources Apple is working on their very own consumer EV with revolutionary battery design and driving technology. But it’s wise to not get invested in any of these just yet.
The fact remains that if anybody can pull this off with all the money, it’s Apple, but would it be worth the investment? Apple is to deliver a car that is anything less perfect and beautiful and essentially mind-blowing than it could be seen as a complete failure on their part.
The practical approach is to partner with auto manufacturers to build the physical structure and Apple could focus on their best forte of software development. That is exactly is the idea behind the three companies coming together in the making of the Apple car.