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Apple approaches make-or-break point with its plans for a self-driving car — here's what to know about the company's EV future

Apple has poured hundreds of millions of dollars into the project.

Apple has poured hundreds of millions of dollars into the project.

Photo Credit: iStock

Apple is lagging behind the competition when it comes to the creation of eco-friendly electric vehicles. In fact, it has yet to introduce any EV to the market even as demand for them is growing. 

A new report, however, is shedding light on some of the obstacles the legendary tech company has been trying to overcome. 

What has Apple been planning?

Apple began developing its EV back in 2014 under the name Project Titan, and it has poured hundreds of millions of dollars into the project in hopes of recapturing the magic of past years, as detailed by Bloomberg. 

The tech giant initially intended its EV to come with fully driverless technology, but it has since tempered its expectations, with the outlet noting Apple is now "developing more basic driver-assistance features in line with current Tesla Inc. capabilities."   

Strategy changes, layoffs, and other delays have reportedly pushed back a potential release date for the vehicle to 2028, as a formal prototype still hasn't come to fruition. 

Decision-makers at the company have recently met with manufacturers in Europe, indicating that there is renewed momentum on the project, as reported by Bloomberg. 

While the company has scrapped its intention to build an EV without a steering wheel or pedals, given that driverless technology is no longer on the table, it now plans to "stand out with a sleek design, safety systems and unique user interface."

Apple is known for its revolutionary innovations, with its iconic "Think Different" campaign in the 1990s helping to inspire a generation of forward-thinking consumers. This has helped spark interest in anything it brings to the market. 

"We love to integrate hardware, software, and services, and find the intersection points of those because we think that's where the magic occurs. And so that's what we love to do. And we love to own the primary technology that's around that," Apple CEO Tim Cook told the "Sway" podcast when speaking about the project back in 2021, as reported by CNBC. 

How could an Apple car be good for consumers? 

EVs have become increasingly more affordable, in part thanks to tax incentives meant to aid the transition to less polluting forms of transportation and cleaner energy.

Another factor that has reduced prices is increased competition. According to the Energy Institute at Haas, there are now more than 100 different types of EVs available for purchase in the United States, with Toyota, Nissan, and Hyundai among the automakers turning up the heat on EV pioneer Tesla

Adding more options to the market could help make EVs even more accessible. The vehicles are cheaper to drive in the long run than gas-powered cars, but a recent survey by S&P Global found that 48% of people polled cited the upfront cost of the vehicles as a purchasing roadblock.

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