In roughly five years, you might be driving to get groceries while your children play with iPads in the back seat as you receive text messages on your iPhone, all while riding in your… iCar?
A new report by Bloomberg suggests that Apple Inc. is seeking to have a car of its own on roads by 2020. It also says the cash rich tech giant has been working secretly on the project. The aggressive project would see Apple’s car going to market roughly three years after the time when General Motors and Tesla hope to have their affordable electric cars on sale.
GM unveiled the Bolt concept in January, a small electric car concept that would be able to travel 200 miles on a single charge with a targeted price below $40,000. That goal matches what Tesla is setting for the Model 3 in both price and range.
Amid rumors of Apple’s plan to enter the automobile business, former GM executive Dan Akerson expressed pessimism over Apple’s desire to compete in global heavy manufacturing.
Apple CEO Tim Cook is under pressure to return value to the company’s shareholders. Last year its research and development expenses were $6.04 billion compared to $178 billion in cash the company is currently holding.
Meanwhile, Google is also working to enter the automobile business by developing a self-driving car that is also expected to arrive within the next five years.
[Source: Automotive News]