Tesla Motors Inc (TSLA) Looking Forward to Apple Inc. (AAPL) Car — Not Scared of Competition

A rival is saying game to Apple Inc. (NASDAQ:AAPL) entering the car business. Amid rumors surfacing that Apple Inc. (NASDAQ:AAPL) is planning to get into the car business in the coming years, Tesla Motors Inc (NASDAQ:TSLA) showed eagerness for the same. CEO of Tesla, Elon Musk, seems very optimistic about Apple getting into the car business and said that they were eagerly waiting for the company to develop its first smart car.

Musk’s eagerness came after an analyst asked a question during Tesla’s conference call about competition from Silicon Valley and Apple in general for talent.

Competition from Apple is something that Musk feels would be awesome. Even if Apple gets into the car business, he was sure that they would not pull his employees as Tesla had recruited more people from Apple. As per their LinkedIn profile, it was easy to note that they had got on board five times more Apple employees than the latter. Markets have been riff with rumors that Apple’s ‘Titan’ project was being silently going on inside one of their facilities. According to reports that surfaced in February, the company would be entering the car market in 2020.

“No we’re not really seeing significant attrition of engineers to Apple — for anything, car or otherwise.  And anyone can figure this out by going on LinkedIn [to see] what the relative flow of people is from one company to another.  And I think it’s like…if you look at the trailing 12 months, I think Tesla has recruited five times as many people from Apple as Apple has recruited from Tesla. It’s some fairly high number.” -Elon Musk

Musk Excited About Apple Car

On the whole, Musk is very excited about the whole thing and is waiting to see the first smart car by Apple. Tesla was currently focusing on bringing its Model X sports utility vehicle later this year and meet the 55,000 units delivery goals by end of the year. The company delivered 10,045 Model S sedans, priced at $76,200 in 1Q that is around 55% more than what they did last year. The cost of the car starts at $76,200.

Tesla Future

Experts predict that if other carmakers launch their electric drives, Tesla would be facing tough competition but they appear to welcome it.

In March 2016, Tesla would be revealing a sample of their Model 3 sedan, Musk said, adding that the new car would be priced very less as compared to the Model S. It would be made available in the market in 2017. Meanwhile, the company has recently diversified into the energy market with a new battery product for homes and businesses. These batteries have got overwhelming response from the U.S. market in only a week since they were launched.

Neha Gupta

Neha Gupta has been in the financial space for over six years now. Gupta earned her MBA degree from Symbiosis Centre of Distance Learning in 2009 and her passion for finance led her to pursue Chartered Financial Analyst (CFA) course. She has successfully completed Level II of her CFA. She is a veteran in article writing, which is depicted in her numerous pieces published on SeekingAlpha, Nextiphonenews, InsiderMonkey, MarketWatch, and Techinsider. Her crisp and eloquent writing finds its best place in Researchcows, where emphasis is given on developing rich content for various websites, products, business plans, trainings, and book writing.

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