If Apple signs the deal with LG And Magna, it will become the biggest tech company to enter the car market.
As per the reports, Apple is inching towards signing a deal with the LG-Magna JV called LG Magna e-Powertrain. The deal will mark the Apple's entry into the electric car market. As reported by the Korean Times, the JV will manufacture the initial rounds of the Apple Car. However, Apple's first electric car is not expected before 2025.
Apple will finalize the partnership by the end of 2021. This is a big move after the $4 billion deal with Hyundai and its subsidiary Kia fizzled out.
On the lines of Foxconn, Apple is hunting for a manufacturer that can make its cars without giving any branding on the electric vehicle. However, it has not been easy for Apple to find a manufacturing partner for its upcoming electric car.
The JV with LG-Magna e-Powertrain sounds feasible as it is already a supplier of EV parts including motors and battery packs to auto giants including GM, Tesla, Ford, BMW, and more. Magna is also working with Sony on its electric car project that is now in the testing phase.
Apple's has been working on a secret project Titan that includes developing an electric car with unique self-driving technology. It has been in the development phase since 2015, however, the progress has been slow.
Recently, the Apple's AI chief John Giannandrea has been appointed to lead the project. However, Apple CEO Tim Cook has always denied the existence of Apple Car.
Apple is also in talks with several manufacturers to buy self-driving sensors known as lidar. The sensor will enable the car to see its surroundings accurately and handle tasks automatically including speeding up, breaking, and more.
The laser sensor technology is leveraged by multiple top manufacturers including Alphabet Inc.'s Waymo unit and GM's Cruise division in the hopes of commercializing driverless cars in the future.
Whether the Apple Car will become a realit or not, time will answer that. However, if we believe these reports, the future looks pretty exciting for the automotive world.