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Yesterday, APPL stock closed 2.85% up. At the time of writing, Apple shares were slightly down.
There have been a lot of rumors on Apple Inc (NASDAQ: AAPL) developing its electric vehicle with the latest claiming that it will be fully autonomous. The long-rumored Apple electric vehicle is reportedly coming as early as 2025, indicating that Apple now has a road map for its autonomous vehicle. Formerly, reports revealed that Apple will begin to produce its own cars by 2024.
Apple Decides on Autonomous EV
Speaking to Bloomberg, sources familiar with the matter said that the team in charge of the Apple Car production was in a fix. According to the sources, the team was confused about developing a more traditional EV focused on steering and acceleration or a fully autonomous model requiring no human intervention.
Per Bloomberg report, the Apple Car team – Project Titan- has decided to opt for the fully autonomous option. An Apple autonomous vehicle means that the automobile will have neither steering nor pedals. Previous reports stated that Apple collaborated with Hyundai (OTC: HYMTF) on the EV efforts. According to the past news, Hyundai was to provide an EV platform for Apple to build its tech on. However, Apple faced some setbacks with the departure of some major executives.
In addition, Bloomberg noted that Apple is considering a more futuristic car design for its coming autonomous vehicle. The new structure will have more open-concept seating similar to Canoo’s EVs. Also, the new design will include “iPad-like” displays for soft news on the vehicle. Although Apple plans to make its car entirely autonomous, the development team is also discussing including a steering wheel. A steering wheel and some other features will come in handy for takeovers in case of emergencies.
Furthermore, Bloomberg revealed that Apple recently completed much of the design for a new processor. According to the report, the processor is designed to monitor and control Project Titan. Also, the processor will help to install self-driving sensors on Apple’s current fleet of test vehicles.
Apple Remains Far Behind Competitors
Despite the recent major milestone, Apple still has a long way to go than established EV makers like Tesla Inc (NASDAQ: TSLA). Both Tesla and Google’s Waymo have performed various tests of their autonomous driving methods. Also, Apple does not have the manufacturing infrastructure to wholly build a car. As such, the company will need to leverage on other bases for its electric vehicle.
Formerly, there were rumors that Apple was in talks with Asian suppliers and carmakers. More reports further mentioned that the company was in contact with Japanese carmaker Toyota (NYSE: TM) and the electronic brand LG (NYSE: LPL).
Yesterday, APPL stock closed 2.85% up. Currently down 0.08%, AAPL is at $157.75 in extended trading hours. Apple has been consistently increasing over the past months, climbing more than 33% in its year-to-date record.