“Is Apple really setting its sights on developing electric cars?” Jerry Hirsch writes for The Los Angeles Times. “Although the computer and smartphone giant has yet to comment, the answer seems to be ‘yes.'”
“Last week the Wall Street Journal reported that the Cupertino, Calif., company has created a team of employees to explore an Apple-branded electric car,” Hirsch writes. “Now news has surfaced of a lawsuit filed against Apple this month by electric car battery maker A123 Systems. The company, which makes batteries for BMW, Daimler and Tata, accuses Apple of poaching its employees.”
“Analysts at Barclays Capital Inc. believe there are good reasons for Apple’s charge into the electric car business,” Hirsch writes. “Apple is sitting on a $178-billion hoard of cash and securities. It needs to put that money to use. Why not bet on a global move toward electric vehicles?”
“Apple’s brand will be a huge attraction for the next generation of car customers who are unimpressed with the lineups from traditional automakers such as General Motors, Ford and Toyota, the analysts said,” Hirsch writes. “Morover, Apple is likely frustrated with its attempts to get its CarPlay system into new cars, the analysts said… Apple’s efforts to get this into new model cars likely limits its confidence in the auto industry. Going it alone might be a solution.”
Read more in the full article here.
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