Following a Reuters report on Monday citing undisclosed sources said Apple is targeting production of a passenger vehicle as soon as 2024, Morgan Stanley analyst Adam Jonas noted that it’s “long been the auto and tech hardware teams’ collective working assumption” that Apple will one day design and build vehicles, competing with Tesla.
The firm’s teams have also “long felt” that tech players like Apple “represent far more formidable competition” potentially for Tesla than the legacy automakers, Jonas said.
Yesterday’s story on Apple and its “Project Titan” … are a reminder of the potential scope of competition for capital, talent, and eventually market share with the EV arms race still in the early stages, added Jonas.
MacDailyNews Take: Certainly, that Monday Reuters report of an “Apple Car” forthcoming in 2024 caught Elon Musk’s eye.