“Before Apple Inc. decides to move ahead with its Project Titan project and build an electric car, the company may want to look at the menu of challenges that come with being in the automobile business these days,” David Welch and Dana Hull report for Bloomberg News.
“Apple has put a few hundred people, including some new hires from the auto industry, on a skunkworks project to do the early development of an electric vehicle resembling a minivan,” Welch and Hull report. “Such a car would challenge Tesla Motors Inc. as well as electric and hybrid cars sold by Nissan Motor Corp., General Motors Co., Ford Motor Co. and other companies.”
“Apple does have the advantage of a $178 billion cash hoard. That’s six times the cash Volkswagen AG has on its books and seven times what GM is carrying, according to Bloomberg data. In fact, that cash hoard alone could fund GM’s capital expenditures budget for 20 years,” Welch and Hull report. “There is even an open question about EVs being the right choice for the future, said Eric Noble, president of The CarLab, an automotive consulting firm in Orange, California… Changes to the regulations now favor hydrogen-powered vehicles because they can be refueled faster than electric cars can be recharged and can often drive longer before needing to fill up. Also, state tax rebates for hydrogen fuel cells can be double that given to buyers of electric cars. These incentive programs may start to turn the tide toward hydrogen over electric drive, Noble said.”
Much more in the full article here.
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