Surprisingly there has been no talks that we know of between Apple and Tesla ( TSLA).Īpple Inc. Apple has reportedly also had past talks with Hyundai ( OTCPK:HYMLF) ( OTCPK:HYMTF), Nissan ( OTCPK:NSANY), Volkswagen ( OTCPK:VWAGY) ( OTCPK:VLKAF), BMW ( OTCPK:BMWYY), Daimler Mercedes ( OTCPK:DDAIF, OTCPK:DDAIY), and e-platform manufacturer Canoo ( GOEV). Apple will most likely design the car and provide the online services while outsourcing the car manufacturing to perhaps Foxconn Technology ( OTC:FXCOF), Magna International ( MGA), or BYD Co. The timing looks perfect as from 2024 electric cars should be purchase price competitive or cheaper than internal combustion engine cars. Recent news quoted below suggests Apple is getting closer to making a move. Apple is currently sourcing batteries for an electric vehicleĪpple has a history of reports surrounding electric car developments including (Project Titan started in 2014), as well as their desire to develop autonomous driving software systems. Obviously, these are just some "aspirational targets" to see the potential demand for an Apple car, producing that many new electric cars pa would be the major challenge and would need to be ramped up over the decade ahead, much like Tesla is doing now. Viewed another way - if Apple sold just 10% as many cars pa as iPhones then that would equate to 19.4m cars pa. If Apple was to tap just 1% of their "products" base ( 1.65 billion Apple devices globally) each year to buy an Apple electric car, that would equate to 16.5m electric car sales pa (for many years), or about 20% share of the ~80m cars sold globally each year. Apple Music has 72 million subscribers, Apple TV+ has over 40 million. In 2020, Apple sold 194 million iPhones, 71 million iPads, 20 million Macs and MacBooks, as well as 110 million AirPods and 43 million Apple Watches. The opportunity for Apple is significantĪpple has a very loyal base of followers with over 1 billion active iPhones and 1.65 billion Apple devices in use overall globally. Booming EV sales would boost demand for batteries and EV metals. This would be an iPhone moment (turning point) for the electric vehicle industry, especially in the US. It's looking more and more likely that we will see an Apple ( NASDAQ: AAPL) electric car (maybe called an "iCar") enter production in 2024 or soon thereafter (other reports suggest 2026 or 2028 ). This article first appeared on Trend Investing on June 23, 2021, but has been updated for this article.
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