The long-rumored Apple automobile is reportedly being targeted for 2024 as the start of production for the new car and its “next level” battery technology.
The technology maker’s automobile program, known as Project Titan, has been in the works since 2014 when it initially began working on designing its own vehicle. Apple veteran Doug Field, who worked at Tesla, returned to the company in 2018. Field oversaw the Tesla Model 3 production and many viewed the move as Apple’s recommitment to focusing on its vehicle development.
According to a report from Reuters, one of the main components of Apple’s new vehicle is a battery design that reportedly will “radically” reduce the cost of batteries while also increasing their range. Reuters spoke with people familiar with the company’s plans for the new battery design with one of them saying, “It’s next level, like the first time you saw the iPhone.”
Some Apple investors reacted to the Reuters report with caution. “It would seem to me that if Apple develops some advanced operating system or battery technology, it would be best utilized in a partnership with an existing manufacturer under license,” Trip Miller, managing partner at Apple investor Gullane Capital Partners said. “As we see with Tesla and the legacy auto companies, having a very complex manufacturing network around the globe doesn’t happen overnight.”
Making a vehicle is no small task. Elon Musk’s Tesla did not turn a sustained profit for 17 years, although Musk and Tesla appear to be finding plenty of success recently.