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Apple Inc. (AAPL)’s Project Titan Self-Driving EV: Real or Rumor?

apple inc (AAPL) Project Titan

Apple Inc. Car rumors continue to increase with time, but still, we get only hints what the “Project Titan” may or may not really be about. However, if one follows the up-to-now fully inconsequential progress of the mysterious Project Titan, then they will be disappointed as it seems plain unrealistic, says Matthew Debord of BI.

Apple Inc. AAPL, Project Titan

Apple Car – not possible

The two latest clues we received were – firstly, Tim Cook – Apple CEO – has made some confusing statements that seem to suggest a recent investment in a Chinese car-sharing service would probably provide support for the Apple Car, which is alleged to arrive in 2021. Secondly, Apple put somebody with zero automotive experience in charge of the project. Though, it is known that the new in-charge was close to Steve Jobs.

If the rumors are true, Apple Inc. will bring its car by 2021 – five years more. As per rumors, the Apple Car project has been underway for around two years. So, it will be seven years for one car. For a major carmaker, that is about two entire product cycles, says Debord. Ford designed, engineered, and started racing in about a year and half with the new Ford GT supercar, which costs $400,000.

If it takes that long for the tech giant to bring an automobile to the market, then one can only draw two conclusions – First, the Cupertino-based firm wants to develop a car to use future technologies that aren’t practical or accessible today, second, when it comes to this car project, the tech giant is fully incompetent, says Debord.

In addition, it is possible that the project is nothing more but just a sideline experiment to keep pace with Tesla and Google. Debord says Apple Car is surely not a car, and “based on Cook’s comments, I don’t think it’s trending in that direction, anyway. I think it’s a comprehensive automotive interface of some sort, a CarPlay that takes over your entire vehicle and what systems are/will be outside the car.”

Evidence for and against

At the launch of the new Mercedes-AMG C63, the CEO Dieter Zetsche also dismissed the iCar rumors, saying he was not losing any sleep thinking about the rumored self-driving car.

Separately, there have also been evidence of the existence of Apple’s Project Titan. As per The Wall Street Journal, the iCar project is codenamed ‘Titan,’ and it earlier reported that around hundred employees were working on the project. Mickey Drexler, who had a seat on Apple’s board of directors, said in a May 2012 interview that Steve Jobs wanted to revolutionize the automotive industry before his death.

There was also a rumor that the ‘iCar’ was spotted driving around the US with a variety of onboard sensors. However later, Apple Inc. clarified that the cars were actually mapping vehicles to improve Maps app on iOS and OS X.

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Aman is MBA (Finance) with an experience on both marketing and Finance side. He has work as a Risk Analyst for AIR Worldwide, and is currently leading VeRa FinServ, a Financial Research firm. Favorite pastimes include watching science fiction movies, playing PC games and cricket.

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