Although Apple Inc. has yet to confirm any plans to develop its own car, reports strongly suggest that’s exactly what it intends to do. If hiring auto experts, including former Tesla Motors Inc. employees and establishing a top-secret team to invest in car technologies is any indication, then the cat may be out of the bag. On the other hand, unlike Google, which has created driverless cars, Apple does not appear to have additional interest in taking on the auto insurance industry.
But, with Apple’s fingerprint already part of the automotive world by way of the iOS-based CarPlay, which brings iPhone features to the touch screen control panel on the dashboards of several car models this year, the stage appears to be set. And, brokerage firm Morgan Stanley is convinced that Apple will have a significant presence in the auto industry in the coming years as it would be a natural progression to expand beyond CarPlay to the rest of the interior.
Furthermore, if Morgan Stanley is correct, the company’s experimentation with automotive technology could help push Apple Inc.’s valuation past the $1 trillion mark within the next 12 months from nearly $750 billion today.
What remains to be seen is the type of car Apple Inc. has in mind and in which direction its automotive ambitions lie. While Google has developed driverless technology and Tesla became a dominant force in electric vehicles in the past few years, Apple decline to comment on what it called “rumor and speculation.” Yet, the rumors persist.
Should the current “speculation” be on target, it could explain why Apple has been hiring the kinds of people it would take to develop a real, road worth vehicle to compete on the same level as the world’s finest auto makers…and, that could make things very interesting over the next several years.
Increased valuation aside, Apple Inc.’s suspected desire to create a new generation of electric or driverless cars would not only benefit the company’s bottom line, but the result could be equally beneficial to consumers and the environment alike.
Of course, no one can predict the impact or affect these vehicles would have on auto insurance rates, in general, or whether they would qualify you for low cost auto insurance. But, one thing is certain…auto insurance in South Carolina is required.
Make sure you’re getting the best rate on your auto insurance. Why not get a free auto insurance quote today.
Do you believe Apple is seriously considering creating its own cars? Feel free to share your thoughts in the comments section below.