Apple to blame?
Mission Motors makes sleek electric bikes, which are similar to Tesla’s cars, and the startup was forced to cease operations in May after Apple poached some of its top engineering talents, says the report citing sources close to Mission.
Even though Apple has not openly accepted of working on an electric car, the fact that the firm hired many auto experts suggests its future plans. Many of Apple hires come from car makers like Ford or Mercedes-Benz.
Experts say that the tech giants are competing with each other to define the future of personal transportation, and are offering higher salaries and a more secure future to the auto experts. And, these defections are upsetting the start-ups.
By last fall, Mission Motors reached a point of no return, the report says citing a people close to the firm. Several of its engineers departed to Apple and other firms. The firm was trying to raise a crucial round of funding last autumn, and around the same Apple Inc. started poaching its employees.
Former CEO of Mission Motors, Derek Kaufman, said that had the firm not lost its key employees, it would have carried on to raise funding. “Mission had a great group of engineers, specifically electric drive expertise. Apple knew that – they wanted it, and they went and got it,” the CEO said.
Apple Car. How much will it cost?
Whether or not Apple Inc. wants, but its electric car (if it is coming up with one) has attracted a lot of attention. If true, then people are curious to know what will be the price of such a car from Apple. It is difficult to estimate the price of the product at present, but the analysts at Jefferies have come up with an estimate of their own.
Jefferies expect Apple to price their car around $55,000. The analysts note that just like the Apple Watch, the firm will offer the car in multiple tiers, and the $55,000 will be the car’s average price.
In pre-market trading today, Apple shares were down 0.08% at $110.95. Year to date, the stock is down over 1% while in the last three months it is down over 14%.