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Is Apple To Blame For Tesla Motors Inc (NASDAQ:TSLA) Model X Delays?

Tesla Motors, Inc (TSLA) Autopilot vs Google (GOOG) Self Driving Cars

Tesla Motors Inc in recent times have lost many of its key employees to Apple, therefore, the ability of the EV firm to keep up with its product road map has been negatively impacted, says a report from Apple Insider, citing a source aware of the situation.

Will Tesla Model 3 be delayed?

After several delays, Model X is finally getting ready for delivery this month. It is not clear for now, if Model X production has been impacted by Apple as the Model S also faced delays during its development, which began long before the kickoff of “Project Titan.” Tesla is targeting the mass-market with the Model 3, which is scheduled for delivery in late 2017, but there are chances that it will also be delayed.

Tesla Motors, Inc (TSLA) Autopilot vs Google (GOOG) Self Driving Cars
The soon coming Model X Electric SUV will have all the hardware necessary to take advantage of available Autopilot features.

Around 1000 employees are working on Apple’s Project Titan, and many of those have been hired from Tesla. The new hires have been given positions ranging from production manager to senior engineers, says the report.

Earlier this year, Tesla Motors Inc founder Elon Musk accepted that Apple lured its workers by offering them $250,000 bonuses. This offer was accepted by few, said Musk. “Apple tries very hard to recruit from Tesla,” Musk said. “But so far they’ve actually recruited very few people.”

Rising problems for Tesla

However, a recent report suggested that a lot of Tesla employees have been hired by Apple. Though Tesla has a very good reputation, it still is fragile mainly due to its mounting problems including a growing list of rivals.

Most recent addition to this list are Porsche and Audi, who unveiled new all-electric models at the Frankfurt Auto Show to take on Tesla. Audi unveiled its “e-tron Quattro,” a sporty SUV with a range of more than 500 km while, Porsche showed the prototype of its first battery-powered sports car “Mission E”. In terms of appearance, Mission E is very much similar to Porsche’s iconic 911, having an 800-volt electric powertrain and accelerating to 100 km per hour in just 3.5 sec.

Apart from these two, many other firms have also expressed intentions to come up with a Tesla rival like BMW, Mercedes and numerous Chinese firms.

On Monday, Tesla Motors Inc shares closed up 1.18% at $253.19. Year to date, the stock is up almost 14% while in the last one-year, they are down over 9%.

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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.