MORE ON APPLE’S iCAR

Report: Apple aims to launch electric car by 2020

February 22, 2015 (Fox News)

“…Sources familiar with [Apple’s unannounced electric car project said the company is moving forward with an aggressive plan to develop a battery-powered car to compete with Tesla, General Motors, Nissan, and other established automakers in the electric car segment. Production on a car could reportedly kick off in five years…[T]he tech company has been luring engineers from other outfits in the automotive sector, including Tesla, and has been in contact with a manufacturer capable of producing vehicles on a contract basis…[E]lectric car battery-maker A123 Systems, has reportedly gone as far as filing a lawsuit to try to stop Apple from poaching its staff… A123 Systems is owned by Wanxiang Group, the parent company of Fisker Automotive, which [is revamping] its Karma plug-in hybrid sedan…Apple is already heavily invested in the automotive sector with its Siri Eyes Free and Apple Car Play software platforms, which allow its mobile devices to work with a variety of in-car infotainment systems…[It competes with Google’s] Android Auto system…Analysts have estimated that Fisker and Tesla each spent about $1.5 billion to develop the Karma and Model S, respectively, and Apple is currently sitting on a cash reserve of $178 billion. That's more than enough to buy Tesla outright six times over, or GM, Ford and Chrysler combined at their current market capitalization, let alone develop its own car from scratch…” click here for more

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