Saturday, Jan 16th 2021 4:50 AM

Market Digest Nigeria


Apple to start producing self-driving cars by 2024

Apple Inc is advancing its operations to develop a self-driving passenger car by 2024, which would include innovations in car battery technology also.

This was disclosed in an exclusive report by Reuters on Tuesday morning after speaking with apple staff working on the project.

Apple’s self-driving car project is called ” Project Titan” and has experienced a couple of gains and losses since it launched in 2014. Apple sacked 190 staff working on the project in 2019, even though it designed its own car from scratch.

Insiders revealed that Apple now has plans to build a customer-friendly passenger car to compete directly with Tesla.

“If there is one company on the planet that has the resources to do that, it’s probably Apple. But at the same time, it’s not a cellphone,” a person who worked on Project Titan said.

The sources disclosed that Apple may soon announce a manufacturing partner for the project and there might be plans to reduce efforts to self-driving software with a traditional carmaker.

The car battery is said to be of the innovative “monocell” that comprises of multiple cell batteries and saves space in the battery pack by removing the need for pouches and modules that hold battery materials.

This week that electric vehicle maker, Tesla Inc’s market cap rose to over $650 billion at the close of its trading session as Tesla will become on Monday, the most valuable company to ever be added to Wall Street’s main benchmark index.

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