Rumour: Apple to develop an electric vehicle

Silicon Valley based Google has been working on an autonomous car to call its own. While the self-driven car is still in its test phase, it looks like tech rival Apple may be looking to gain a share of the automotive industry as well. The project has reportedly been labelled "Titan" and sources say Apple has recruited a team of its own for its development.

The team is said to consist of multiple industry experts and experienced automotive professionals, including former executives from Mercedes-Benz and Tesla. Apple is not looking to depend on inputs from established car makers. Rumours also state that Apple has set up a secret lab specifically for the development of an electric vehicle. According to media reports, the car in question will most likely be an autonomous vehicle.

Apple is currently one of the most successful electronics manufacturers/retailers in the world and enjoys a large loyal customer base. The company wouldn't be short changed for an investment in the industry as it currently sits on a cash reserve that is larger than the market capitalization of Ford and GM combined. Apple is yet to make an official statement confirming the project, but the question arises as to whether this will be an internal project or something for mass production. Given the fact that Apple has seen immense profitability with electronics, the task of entering a capital heavy industry may not be worth the risk, even if the brand has the financial capability.

Source: Telegraph UK