Image Source: PhoneArena
By: Michael Argenta
November 21, 2021
Apple (AAPL) stock rose 3.04% to a new record high Thursday as details leaked on its new electric vehicle, labeled project Titan. While there has been much speculation regarding Apple joining the EV market, these are the first signs that the company is serious. The project has secretly been in the works for years and its highly anticipated release is set for 2025.
The tech giant is reportedly aiming for the “holy grail” of electric vehicles with a fully electric and autonomous car. The car will reportedly feature no steering wheel or pedals but will offer integration of Apple devices with an “iPad-like touchscreen.” Apple itself has completed most of its own work on the core chips needed to make the vehicle function, proving their commitment to internal production.
In the past, Apple CEO, Tim Cook, has shied away from publicly confirming the company is entering the EV market, but it is an open secret at this point. Just this past April, Cook declined to confirm Apple’s car plans but said, “We’ll see what Apple does.” Now, Cook’s quote can be seen as a tease to this new news. After Thursday’s leak, the company has declined to comment on the status of an Apple development.
While there is no set timeline when Apple will release their fully autonomous EV, it is exciting to see another giant enter the market. With its reputation for high tech products, Apple will surely rival Tesla and other electric vehicles in the near future. However, all Apple enthusiasts can do now is wait for the official product reveal and launch.