Apple Inc. targets self-driving car technology by 2024 that could include its own breakthrough battery technology, according to Reuters. The automobile effort, known as Project Titan, had hit speed bumps since 2014 when Apple started to design its own vehicle from scratch.
- Apple’s goal of building a personal vehicle for the mass market contrasts with rivals such as Alphabet Inc’s Waymo, which has built robo-taxis to carry passengers for a driverless ride-hailing service.
- Central to Apple’s strategy is a new battery design that could “radically” cut the cost of batteries and increase the vehicle’s range.
- Despite its effort, making a vehicle represents a supply chain challenge for Apple, considering that it took Elon Musk’s Tesla 17 years to sustain profit-making cars.
- It is still unclear who would assemble an Apple-branded car, and there are reports the company could rely on a manufacturing partner to build the vehicles.
- Apple previously engaged Magna International Inc. in talks about manufacturing a car, but the talks stalled as Apple’s plans became unclear,
- To become profitable, automotive contract manufacturers often ask for volumes that could pose a challenge to Apple, given it is a new entrant in the automotive market.
- There are reports that the pandemic could delay Apple’s plans, and the start of production could run into 2025 or beyond.
Apple’s stock is currently gaining. AAPL: NASDAQ is up 2.32% on the premarket.