Apple's Abandoned EV Project Almost Used Siri As The Steering Wheel, Began After Reported Deal With Tesla Fell Through
Portfolio Pulse from Chris Katje
Apple Inc's abandoned electric vehicle (EV) project, known as Titan, considered using Siri as a steering mechanism and had explored a deal with Tesla Inc. The project, which began in 2014, faced multiple stalls and leadership changes. Apple's initial vision included a car without a steering wheel, controlled by Siri, resembling a European minivan. The development of Apple's EV followed failed acquisition talks with Tesla, where Elon Musk sought to be CEO of the combined entity, leading to the collapse of negotiations. Apple's interest in the EV market remains, with speculation about potential acquisitions like Rivian Automotive.
February 29, 2024 | 5:43 pm
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Apple's abandoned EV project, Titan, considered using Siri as a steering mechanism and explored a deal with Tesla. The project faced multiple challenges and leadership changes.
The news highlights Apple's ambitious yet ultimately abandoned EV project, which could have positioned Apple as a major player in the EV market. However, the project's cancellation and the historical context of failed acquisition talks with Tesla suggest a neutral impact on Apple's stock in the short term, as the market has likely already adjusted to the absence of an Apple EV.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 90
NEUTRAL IMPACT
Alphabet Inc was also mentioned as having almost acquired Tesla in 2013, which adds to the narrative of tech giants' interest in the EV market.
The mention of Alphabet Inc's past interest in acquiring Tesla provides additional context to the tech industry's exploration of the EV market. However, this historical detail is unlikely to have a direct short-term impact on Alphabet's stock, as it reflects past considerations rather than current or future plans.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
Tesla was once considered for acquisition by Apple for its EV project, but talks fell through after Elon Musk demanded to be CEO of the combined entity.
The mention of past acquisition talks between Tesla and Apple, which did not materialize, provides historical context but is unlikely to have a direct short-term impact on Tesla's stock. The market is aware of these past discussions, and Tesla's current market position and valuation reflect its standalone growth prospects.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Speculation exists about Apple's interest in acquiring an EV company like Rivian Automotive to enter the EV market.
The speculation about Apple's potential interest in acquiring an EV company like Rivian Automotive to enter the EV market could positively impact Rivian's stock in the short term. Such speculation can lead to increased investor interest and a potential rise in stock price due to the perceived value of a partnership or acquisition by a tech giant like Apple.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70