Apple plans EV foray; no easy ride in store

Apple plans EV foray; no easy ride in store

Having revolutionised the computing and mobile phone businesses, Apple Inc. is now
planning to enter the electric vehicle market. Though it won’t be a smooth ride for the
tech giant with hordes of companies also set to flood the EV market, Apple is also the
only one with the wherewithal to pull it off.
The most significant development in the EV segment is, undoubtedly, tech giant Apple’s
entry into the self-driving electric mobility space by 2024. According to a news agency
report, Apple is moving forward with self-driving car technology and is targeting 2024 to
produce a passenger vehicle that could include its own breakthrough battery
technology.
Once there, Apple is set to pose direct competition to the already-established EV
manufacturer Tesla, besides facing stiff competition from dozens of new electric vehicle
manufacturers that are waiting to flood the market over the next few years.

Reports suggest that Apple has been working on its automotive efforts, codenamed
Project Titan, since 2014 when it first started to design the vehicle from scratch. After
investing millions of dollars, the project was, however, shelved and the whole R&D team
laid off.

• Once there, Apple is set to pose direct competition to the already-established EV
manufacturer Tesla, besides facing stiff competition from dozens of new electric vehicle
manufacturers.

• Apple’s strategy has always been to enter a new market only after another company has
emerged with a breakthrough technology in that particular segment.

• Apple’s new battery design is named ‘monocell’ and it will give an EV much longer range
and faster charging capability with no overheating issues.

• With digital key, iPhone users can lock/unlock and start a car using their mobile phone.
They can also share the digital key with their family members and friends through the
iMessage system.
Apple’s strategy has always been to enter a new market only after another company has
emerged with a breakthrough technology in that particular segment. Apple then makes
its foray with a better technology and revolutionises it altogether. Having witnessed
Tesla’s growth during the year, the speculation about Apple’s entry into the EV arena is,
therefore, not surprising.

According to sources, Apple’s new battery design is named ‘monocell’ and it will give an
EV much longer range and faster charging capability with no overheating issues. Apple
also plans to provide its smart technologies, like Lidar and ‘Apple Ecosystem’, to
improve the overall driving experience of EV customers. These features will be provided
based on the company’s current subscription model.

Lidar technology is Apple’s latest offering which measures the distance of the nearby
objects forming a 3D image of their surroundings. It is already a part of iPhone 12 Pro
and iPad Pro models.

Apple Inc. has also come up with a new automobile-related feature, digital key, for
iPhone users. With digital key, iPhone users can lock/unlock and start a car using their
mobile phone. They can also share the digital key with their family members and friends
through the iMessage system. This feature has already been installed in the new BMW 5
Series. The system runs on iOS 13 operating system and many upcoming car models are
going to feature it.

Despite many a revolutionary technology to its credit, the EV road won’t be an easy one
for Apple Inc. One must remember that it took 17 long years for US giant Tesla to make
a profit from its car business. Still, if any company is capable of pulling it off, it’s Apple
with its huge cash reserves and a pool of top brains in the world.

Car market is a low-margin business compared to high-margin mobile and computer
businesses Apple is renowned for. Though it certainly has the means to succeed in the
EV segment as well, it will be interesting to see how Apple tackles the automobile
manufacturing industry.

Source: https://www.energybite.co.in/blog-post/apple-plans-ev-foray-no-easy-ride-in-
store/