Apple Electric Car? (Photo : www.osxdaily.com)
Apple Inc. has been working on a discrete project of manufacturing an electric automobile as soon as 2020. The tech giant has been pushing its team to reach its target date.
With most car manufacturers taking seven years or more to develop a car, the project's assertive goals may set the competition for customers using General Motors Co. and Tesla Motors Inc. Both car makers are focused to hit the target of 2017 release of their electric cars that has the capability to go beyond 200 miles on a single charge and will cost $40,000 or less, Bloomberg Business reported.
Apple posted a profit of $18 billion during the last quarter of 2014, and currently holds around $178 billion in cash with some extra to spend too. The iPhone tech giant from Cupertino's research and development's expenses was around $6.04 billion in the past year. Tim Cook, Apple Inc.'s Chief Executive Officer is currently facing pressure dealing on returning cash to their shareholders, according to Hot Air.
Cook had been pushing iPhone manufacturer to try new categories to keep the consuming public's digital lives connected to Apple's products and services.
Just like Google, who has invested on automobile development since 2010, Apple has a possible foray into car making. Apple has some advantages as a new entrant to the car industry which includes the ability to compensate expenses, the capability to connect its own gadgets, and the birth of the electric car market.
Ben Reitzes and Brian Johnson, Barclays analysts, explained that Apple has the huge advantage and is a big pull to the next generation of car users.
