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Apple iCar Must be Self-Driving, Electric to Compete: Report

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An investment research company has released a report on the rumored Apple iCar.

According to Sanford C. Bernstein, Apple would have to create an autonomous electric vehicle, likely produced in China, in order to compete in the auto industry. Apple hasn’t announced that it is developing a vehicle, but it has been reported that the Apple car would arrive by 2020 and Bernstein admits that “the idea of an Apple iCar is not totally outlandish.” More importantly, when the company focuses on a product the report says it “usually aims for domination.”

SEE ALSO: Apple Car Could Arrive by 2020: Report

Compiled by Toni Sacconaghi, Bernstein’s U.S. IT Hardware analyst and auto analyst Max Warburton, the report also says it is likely that the tech giant is at the concept design stage of building a car and isn’t just focusing on automotive software and electronics. If the Apple iCar does become a reality, the analysts believe it will be a premium priced product, positioned similarly in the auto market as its other products are in the computer hardware, smartphone and tablet spaces.

The idea of an Apple iCar has been buzzing for the last few months: “It’s created a lot of fear and it’s probably going to trigger an R&D race. Carmakers are probably going to move much faster now to try to develop connectivity and potentially autonomous technology to make sure they at least understand it can be competitive with whatever gets put forward by Apple,” the report said.

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[Source: Forbes]