According To Reports Apple Inc. (AAPL) Could Start Electric Car Production By 2020

Rumors of Apple Inc. (NASDAQ:AAPL) entering the electric car project seemed to have strengthened with another report. The latest one indicates that the technology company might start producing the electric car in 2020. The rumors come on the heels of another rumor indicating that Apple Watch is predicted to witness sales of 20 million units in the very first year.

Internal Development

The latest reports gained ground as they came from Bloomberg, citing familiar sources. According to them, executives of Apple Inc. (NASDAQ:AAPL) are giving a push to the team of the internal development division to start the first production of an electric vehicle in about five years. This was considered an aggressive objective even for the well-established manufacturers of cars.

The source reportedly confirmed that the technology bellwether was recruiting specialized professionals for the project, which was nicknamed ‘Titan’. The company is said to be looking to appoint 200 people, unlike the earlier rumors of several hundred. The hiring includes experts for robotics and batteries.

Incidentally, Apple Inc. (NASDAQ:AAPL) has been accused of poaching its staff by A123 Systems. This was followed by a petition in the District Court seeking restraint on hiring its employees. Apple has already hired A123 Systems’ CTO, Mujeeb Ijaz, and his leaving the company was surrounded with suspicion.

Doubts Persist

There were enough hints that the technology company was focusing itself on the electric car. For instance, it hired R&D Head of Mercedes, Johann Jungwirth. This apart, the company also hired some engineers from Tesla Motors Inc (NASDAQ:TSLA), which is an electric car manufacturer. The speculation was rife with different aspects of planning in the pipeline. For instance, speculation ranged between in-car infotainment and a full-blown branded car.

However, there were doubts expressed by some quarters. The secret planning on Apple Inc. (NASDAQ:AAPL)’s car project could be shelved similar to that of skunworks programs. The report said that in case results fell short of its expectations on excellence standards, Apple would scrap the project.

Viraj Shah

Viraj Shah has completed M.Com (Finance) and is currently pursuing his CFP. He tracks US markets along with other global markets like India very closely. He is very passionate about stocks, real estate, and technology. He also believes that money can always be made in the market.

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