Apple Stock News: Apple Executive Hints At Apple Car

Apple Stock News

Rumors have persisted for months that Apple was looking into entering the car market, supposedly with a codename of Titan. At Re/code’s code conference, an Apple executive walked right up to the line when commenting about whether the company will enter the car business, although he did not actually commit to doing so. Apple Senior VP Jeff Williams responded to a question about the new potential market by saying, “The car is the ultimate mobile device.”

apple stock news

While it is rumored that Apple has been hiring employees with automotive expertise, the efforts in the car market currently involve CarPlay, which turns a vehicles center screen into an iOS device. This includes maps, messaging, and music, as well as other services available on other Apple devices. Apple announced this service in March of 2014, and Chevy has announced that it will introduce the system into 14 models in the year 2016. This will give Apple a major market in mobile, with IHS predicting that CarPlay or Google’s similar device will be in 1.5 million cars by the end of 2015, which will increase to 68 million by 2020.

But Apple could still try to design its own car if it feels it can make a big difference in the market. Apple has a huge pile of cash approaching $200 billion, and could use it to invest in the car market. The comments Williams made are similar to ones Apple executive made about the wrist and wearables in 2013, before eventually releasing the Apple Watch, supporting the idea that Apple is exploring the idea of building its own vehicle.

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