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Apple ‘Project Titan’ Could Mean an Electric Van, Not a Multi-Billion Acquisition of Tesla

Last Updated June 14, 2024 8:55 AM
Stephen Samuels
Last Updated June 14, 2024 8:55 AM

Forget plunking down tens of billions of dollars to acquire Tesla, Apple’s rumor mill is churning out gossip that the iPhone maker plans to debut its own electric van.

This latest rumor was kicked off by a German business publication  this week. It’s just the latest of a string of ways that observers have said Apple should spend its mammoth $245 billion in cash on hand.

Vans, Not Cars in the Wheelhouses

Up until Manager Magazin’s report, there had been speculation of Apple honing in on a van as an EV concept.

Citing several people familiar with the development, the news outlet reported:

“[The] Apple Car could come in the form of an electric van. Apple’s engineers have designed specimens with black and silver paint, designed in the typical industrial design of the iPhone group. Apple also researches on its own batteries, electric motors, special seats and interior components.”

Apple Innovation Could Disrupt EV Space

When you look at the auto industry, you can see how EVs are becoming increasingly attractive. Apple’s keen sense of delivering cutting-edge solutions could be a game changer.

The large-passenger vehicles’ space is dominated by SUVs and minivans. The chief complaint about these autos is they are gas guzzlers. Hybrids are available to appeal to those who have those complaints. They also appeal to those who want green-friendly options

As reported by Cars.com , auto buyers are being driven to the EV market partly due to the mass discussion about climate change, and ways to eliminate further damage to the environment.

Cars.com reported:

“But climate-change crusaders take heart: There is much evidence the current is shifting toward an electric future, and a lot of it is due to car buyers having fewer reasons not to choose an EV.”

Apple has made it clear that environmental issues are a concern. For example, it has been outspoken about using renewable resources or recycled material. It choosing to build an electric van would be in line with its goals.

Apple Rumor Mill Spins Endlessly

It has been speculated for a long time that Apple could develop an electric car that could put Tesla’s EVs to shame. Rumors have even included Apple just buying the luxury EV maker.

Freddie Lait, the chief investment officer at Latitude Investment Management, said  that Tesla’s $52 billion valuation makes it a very attractive takeover target for Apple, which is sitting on nearly $250 billion in cash.

In addition, Apple is reportedly working on its own electric car venture called the Titan. Some analysts believe this would make a Tesla acquisition an excellent move for Apple.

At its peak, the initiative is estimated to have had a team of more than 1,000 employees, CCN.com reported. Then speculation had been rife that the iPhone maker would launch an ‘Apple Car’ by 2020. As time has passed, this has begun to look increasingly doubtful.

Apple CEO Tim Cook has previously said  that not all of the company’s initiatives see the light of day:

“We edit very much. We talk about a lot of things and do fewer. And we debate many things and do a lot fewer.”

If Apple is moving ahead with developing its own EV in the form of a van, it could quiet rumors about it pursuing, or needing to pursue, Tesla.

Musk Has His Own Van Plan

Tesla CEO Elon Musk has tweeted about collaborating with Mercedes-Benz Sprinter. CCN.com reported Daimler CEO Dieter Zetsche saying:

“These talks are happening. The outcome is open.”

The potential joint venture started after a Twitter user told Musk that he wishes Tesla made an electric van.

Meanwhile, Daimler plans to unveil an electric version of its Sprinter vehicle later this year.