Apple plans to step into the driverless, electric car segment after having enjoyed tremendous success in the customer electronic goods space. The car is planned for a launch as early as 2024. Apple not being satisfied with the existing battery technologies in the market, has decided to develop its own battery technology.
Apple’s automotive project has been dubbed as Project Titan. Project Titan was started in 2014, and it has not been plain sailing always. Project Titan was temporarily shelved, so that the company could refocus its efforts on its core products. The project was restarted when Apple veteran, Doug Field rejoined Apple, in 2018, from Tesla, and revamped the project by laying off 190 people a year later. Since then, the project has developed at a rapid pace and is on the verge of a breakthrough, say sources close to the project.
Project Titan pits Apple straight against electric vehicle company, Tesla.
Tesla was founded in 2003. It has taken the company several failed attempts and 17 years before it was able to turn profitable, and was successfully inducted into the S&P 500 late last year. Another feather was added to Tesla’s cap, when the German government added Tesla to the list of vehicles approved for government use.
Apart from the regular product design and factory problems, one of the biggest challenges Tesla had faced was managing its supply chain. Recently, a group of hackers had managed to hack into a Tesla Model X and drive away with it. However, Tesla was able to fix the issue immediately.
Even a company with Apple’s resources and talent would face challenges in managing its supply chain. Till date no manufacturing and assembling partner has been finalized. It is believed that Apple would approach its iPhone partners, to help it out with its “lidar” sensors. These sensors would enable the driverless car to have a 360 degree view.
Verdict and expert opinion
Several experts believe that the pandemic induced break, could see the project being pushed into 2025 and beyond. If Apple can successfully launch an electric vehicle with a “next level” battery as sources claim, then the sky is the limit for Apple. We could see Project Titan contributing quite a bit to Apple’s massive cash pile of ₹192.8 billion. With Apple foraying into the electric car space we can see its share price to unprecedent levels. Bright times definitely lie ahead for Apple.