What Is the Apple iCar?
A recent report suggests that Apple’s long-awaited automotive project is finally going into production.
Various rumors have long suggested that Apple has started to work on a car, the project being named “Titan”. According to a report from Reuters, this project might finally come to fruition in 2024. Furthermore, the report stated that the car will feature “next level” battery technology, a self-driving system, and will be fully electric.
Unfortunately for Apple, there is competition, the main one being Tesla. This car manufacturing giant specializes in electric cars and battery technology. According to data gathered by Buy Shares, Tesla has maintained 81.66% of the electric vehicle market share during the first half of 2020.
From this information, it's pretty obvious that Tesla is too dominant in the vehicle market, so does Apple have any chance of success? Furthermore, how will Apple’s creation affect Tesla? Let’s find out.
Apple vs. Tesla
Tesla and Apple, two huge companies. How do they fare against each other?
Apple, which has a market capitalization of $2.2 trillion, started in computers back in 1976, but now specializes in everything from watches to phones to headphones. On the other hand, Tesla specializes in electric cars and has a market cap of slightly over $600 billion.
One thing to note about the automotive industry is that it is extremely hard to get into and is infested with thousands of competitors, from Toyota to Mercedes. However, with the market cap that Apple has, it can buy up to four General Motors, four Hondas, and four BMW’s, just to name a few. In other words, Apple can decide to enter the automotive market by purchasing an existing player.
Even if Apple enters the market, it's going to be very hard for them to compete against makers like Tesla, who have more experience. It's going to take Apple a long time to truly understand the market and what consumers want to buy. For the most part, we expect Tesla to prevail against Apple in the market, and only time will tell if and when the tables turn on Tesla.
iCar Production Details
Regarding actual production, Apple was rumored to be speaking to Magna, which already has an electric vehicle platform that it can use to make electric vehicles for other companies. As of now, the result of the discussion is unknown. Also, Foxconn, one of Apple’s long-term manufacturing partners, unveiled plans for its own electric vehicle platform.
Apple’s iCar will be the first car in the market to include “monocell” batteries, which combines the individual cells in each battery rather than utilizing battery modules. This is extremely beneficial, as each car will be able to store a greater number of batteries than other popular electric cars, hence having a greater battery life. We can also expect the car to be capable of connecting to Apple devices, and using this feature, customers will be able to utilize various apps in their car.
Apple has decided to select special parts for their car, one of which being LiDAR sensors, which help cars get a three-dimensional view of the road. We believe that Apple might decide to integrate many of these sensors into their cars to scan various distances. The iPhone 12 Pro and the iPad Pro already feature LiDAR sensors, so it’s very possible that the iCar will have them too.
The Apple car is real — and it's coming for Tesla. The car could be the next sensation, possibly resembling the impact iPhones made when they first entered the phone market.
There are an endless amount of possibilities when it comes to software integration, battery, and car design. This is only because Apple already possesses much of the modern technology being used in cars today, from LiDAR sensors to smartphone integration.
There is no doubt that Apple is going to have to undertake an uphill battle against the biggest car manufacturers in the world, and the exciting part is how exactly a consumer electronics company is going to enter the automobile industry.
