Apple Inc., is secretly working on a project to develop electric cars and roll them out as early as 2020.
The tech giant which posted a record profit of $18 billion in the last quarter is planning its jump into the electric car market with an electric car roll out, soon.
Apple has $180 billion (approx) left in its treasury and it has little place left to invest the money in. This has prompted the Cupertino, California based company to venture into the yet-to-be-explored electric car market.
If sources are to be believed, the electric car which goes by the name iMove can travel more than 200 miles with a single charge. Also, it would cost less than $40,000. This can make the car an instant hit. It is also expected to compete with Tesla Motors Inc., and its electric cars’ line-up.
Apple has already begun the hiring process and has reportedly offered some of Tesla Motor’s employees, a joining bonus of $250,000 with a 60% increase in salary.
Meanwhile, Patrick Moorhead, an analyst at Moor Insights said that one can never underestimate the power of Apple which has its pockets very deep.
You should never underestimate Apple. When you have more cash than many countries do, you can never underestimate what they could do
It will be interesting to see a wonderful next generation car ruling the streets in near future!