HAVING redefined the personal-computer and mobile-phone industries, Apple has set its sights on a new, moving target. The darling of the tech industry is aiming to debut an electric car in 2019, according to a report by the Wall Street Journal. For years there had been speculation that Apple had auto ambitions. It has been hiring swarms of engineers to work on the project, code-named Titan, which now employs around 600.
With around $200 billion stored up, Apple certainly has enough cash to spend on a new venture. Its legions of fans are always eager to see it launch a new offering that makes a splash. Its most recent product, the Apple Watch, has not been the massive hit some analysts expected, and Apple’s launch event earlier this month was rather dull, showcasing mainly tweaks to existing products. Launching a car would be far more daring and, in theory, highly lucrative. Global car sales were worth around $2 trillion last year.
However, there are many things about the car business that make it quite unlike peddling phones. The replacement cycle for an iPhone is a mere two years. Consumers hold on to their...Continue reading