Apple has invested $19 billion in R&D, but Tesla is the leader in this area. Elon Musk has been investing in the technology company for years. According to Morgan Stanley, the two companies are expected to spend $20 billion on research and development this year. Both companies have been in the car business for decades, but neither has made a profit yet. While they do plan to build cars in the future, the question remains – which company will be first?
The Titan Project
Apple Inc. is moving forward with its own self-driving car technology. The company is aiming for 2024 to create a passenger vehicle with a revolutionary battery. The automotive division of Apple is known as Project Titan. The company has made uneven progress since it started designing its own vehicle in 2014. It then shifted its focus to software and re-evaluated its goals. Recently, the CEO returned to oversee the project and laid off 190 members of his team.
In the tech sector, Tesla has been embraced the disruption credo, which has made it a leader in its industry. It sells cars directly to consumers, and it has poured billions of dollars into Gigafactories to meet demand. As a result, it is a high-growth company with a similar product pipeline to Apple. While Apple’s investors may be concerned about Tesla’s reliance on capital-hungry investors, they should take heart in the fact that Tesla is putting its money where it counts: building a future with a higher market cap. Visit newshunttimes for more information