Waiting for Apple (NASDAQ: AAPL) bringing a self-driving car to market has been pushed back to 2026.
Sources indicate that the tech giant has also stopped producing an electric car without a steering wheel or pedals. in favor of a minimal design that still provides independent power on the roads. The car’s list price is expected to be under $100K.
Apple’s Project Titan has been in the works for years and has evolved dramatically, but at its core is a powerful computer system that the company thinks could disrupt the automotive market. As for the shell of the so-called iCar, Apple (AAPL) says it is not committed to production with the car that is thought to be on display. The current plan is for the design to be released in 2023 and the final stage in 2024 before extensive testing in 2025 and implementation in 2026.
Magna International ( MGA ) and Hyundai ( OTCPK:HYMTF ) were seen as frontrunners to join Apple in manufacturing. Other companies that have been mentioned as potential candidates include Foxconn (OTCPK: FXCOF ), General Motors (GM), Ford (F) and Volkswagen (OTCPK: VLKAF ) — while Tesla (TSLA) looks like a dark horse. Some analysts say that Apple wants to partner in China with XPeng (XPEV) or Nio (NIO). Notably, Apple has held discussions with a number of companies to license new automotive technology, including discussions with Volkswagen (OTCPK:VLKAF).
Why the big bet on electric cars? Morgan Stanley reminded at the beginning of the year that the world’s most valuable company has a history of success in MP3 players, tablets and especially mobile phones. On top of this, the company believes that the number of hours people spend inside cars will increase over time, rising from 600 billion today to 750 billion by 2030, and about 1.2 trillion by 2040.
Shares of Apple (AAPL) were down 2.98% at 2:50 pm on Tuesday despite positive updates from UBS on iPhone waiting times.