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Technology giant Apple Inc is thinking of adding its own lustre to an already illustrious electric vehicle market. If reports are to be believed, Apple is planning to launch a passenger vehicle in 2024.
The tech behemoth has set its eyes on building autonomous cars, with a special focus on its self-produced monocell battery technology, Reuters reported citing anonymous Apple sources.
However, the company has not made this information official, and refused to comment on its automotive plans.
Apple first started designing its own vehicle program in 2014, in what was called as Project Titan - a noteworthy EV automation concept. However, this project was left in the cold storage after a certain period, as the company decided to revamp its strategy and shift its focus towards the software side of the business.
However, in 2018, former Apple employee Doug Field left Tesla to rejoin the tech giant in order to reinvigorate project Titan. He sacked 190 employees from the Project Titan team in 2019.
Since Field joined the team, Apple has made a substantial headway in developing the technology. With a strong process in place, Apple aims to build the breakthrough battery-powered vehicle and launch it in the market in 2024.
Is the EV market competitive?
Apple’s rival Alphabet Inc has already forayed into the attractive EV market with its vehicle Waymo. However, both the vehicles do not fall in the same category as Waymo is a driverless robo-taxi used to transport the passengers. Alphabet Inc has provided the robo-taxis for a driverless ride-hailing provider.
Whereas the vehicle that Apple plans to develop, has its own battery technology, similar to the Tesla business model. The EV experts believe that the new battery design will transform the market. The radical Apple battery will not just slash the cost but will also offer a higher range than what's being offered by current EVs.
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It is interesting to note that Elon Musk, the CEO of the leading EV maker Tesla, struggled for about 17 years before turning Tesla into a profitable business. Apple has entered the car making business only six years ago and has a long way to go before making it a steady profit-making business.
Apple, however, has an advantage because of its robust market penetration, as the company develops and provides electronic products in various parts of the world. However, for its vehicle product, supply chain may be a concern for the company.
Experts believe that the company may rely on a manufacturing partner to build its Apple-branded car. There is also a chance that Apple would integrate its autonomous driving system with a vehicle built by an already established automotive company.
Apple is bringing in a lot of innovative elements which will be acquired from the third-party vendors. However, the battery design technology is Apple’s prime focus. As per the reports, the pandemic may stymie Apple's ambitious project, resulting in the production delay by another year.
