Just last week it became apparent that Apple wants to get into the car business. Many industry executives, such as former GM CEO Dan Atkinson, advised against this move for several reasons, but Apple is still pursuing the project. In fact, an Apple-built car could be even closer to production than we previously thought. According to a report coming from Bloomberg, Apple wants this car, which is almost certainly to be an EV, to begin production as early as 2020.
So you may be asking yourself why does Apple wants to get into one of the costliest, most troublesome (yet rewarding) industries out there? Because it can, and because it has the cash. Apple just reported an $18 billion profit last quarter, and it has some $178 billion in cash just waiting to be spent.
Why not build and develop an EV? It can easily afford to. Other information coming to light is that Apple has reportedly been trying to lure away experts in battery technology, and it’s even being sued by A123 Systems, which previously supplied batteries to Fisker, for trying to steal its employees. Apple is also recruiting battery experts from Samsung, LG, Panasonic, and even Tesla, which Elon Musk has already confirmed.
So why the rush to make a 2020 deadline? Tesla will likely have its entry-level Model E good to go by then, and GM is hard at work on the production Chevrolet Bolt, both of which will have a 200-mile range. Google, as we all know, is already very much at work on its own car. Apple must see extended range EVs as something prestigious, but most likely, profitable.