Apple’s Self-Driving Car Could Have Turned Into A Thriving $50 Billion Business, The Same As The Mac And iPad Combined
After a decade, Apple finally laid its self-driving car project to rest while laying off several employees in the process. It was reported that ‘Project Titan,’ the name given to the company’s autonomous vehicle venture, was not commercially viable. Implying that it would have been difficult to compete with Tesla at the price at which the latter’s EVs are being sold at. However, a report states that even if Apple had sold a fraction of the units, it could have turned its car business into a $50 billion one, which is equivalent to the combined revenue of Mac and iPad.
Apple’s EVs would have set buyers back by at least $100,000, and the company would likely charge extra for additional upgrades or features
The Cupertino giant was reported to have invested $10 billion in ‘Project Titan,’ and though Apple failed to produce even a single commercial unit, it still managed to garner some valuable technological resources that it can employ in other products. Then again, Mark Gurman points out in his ‘Power On’ newsletter that an Apple car prospect was an exciting one, and even though margins are thin in this industry, a small shipment would have allowed the company to generate billions.
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An estimated $10 billion investment for $50 billion in revenue means a five times multiple, not counting net profit. These numbers would typically be a gush of positive news for other automakers, but Apple was likely targeting ambitious and possibly unrealistic figures. Regardless, the cancellation of ‘Project Titan’ has not evaporated the technology titan’s vision of the future, as its engineers were previously said to be exploring a mobile robot that can follow a person around their homes and perform a series of tasks.
Sadly, it will probably take Apple a decade before the first unit enters mass production, but even with the self-driving endeavor being an unsuccessful one, the
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