Apple refused and now probably regrets it.
The reemergence of Apple's electric vehicle program was one of this week's surprise stories. If all goes as planned, Apple aims to bring its new car, dubbed "Project Titan," to market by 2024 with a revolutionary new battery that's currently surrounded in secrecy. Supposedly, a new "monocell" design increases the size of the individual battery cells resulting in additional space inside the battery pack as there'll be no need for pouches and modules to hold the battery terminals. It definitely sounds like an expensive undertaking and the auto business has always been risky; just ask the countless EV start-ups who've failed to succeed.
But now Tesla CEO Elon Musk is claiming Apple not only turned down but outright ignored what might have been the deal of the century.
"During the darkest days of the Model 3 program, I reached out to Tim Cook to discuss the possibility of Apple acquiring Tesla (for 1/10 of our current value). He refused to take the meeting."
As we all know, Tesla not only beat the odds stacked against it but is now thriving. At just over $640 billion, today it stands as the world's most valuable automaker, having joined Wall Street's exclusive S&P 500 share index alongside big names like Amazon, Facebook, and, ironically in this case, Apple.
If Cook took that meeting, he might have been able to buy Tesla for around $60 billion. Meanwhile, Musk seems unimpressed with the latest Apple EV report, specifically its battery breakthrough that he says was essentially unveiled a few months ago at Tesla's Battery Day event.
Another advanced battery electric vehicle from a prestigious brand like Apple is not a bad thing, but it's worth pondering whether it'll be too little too late.