, in a Reuters report that has some sort of Cupertino-created wheeled conveyance hitting the streets in 2024.
Consider the contrast: Apple has become one of the most valuable companies on earth thanks largely to the iPhone and the ascent of mobile computing. Tesla has rewarded investors with a better-than-10,000% stock-market return since 2010 and now dominates the luxury EV market as the most valuable carmaker in the world.
A frenzy of speculation about what Apple, a company legendary for secrecy except when it has a deliberate plan to make some news, could be up to. Cue the hoary "Apple should buy Tesla" case, followed by an Elon Musk tweet revealing that he did pitch Tim Cook on the idea a few years back, only to be ignored.
Professional investors like SPACs because they can raise a lot of money, and they like transportation opportunities because the electric-vehicle market could be on the verge of massive growth, especially if an incoming Biden administration pushes a lot of green-economy incentives and the China market doubles annual sales on the shoulders of EVs.
A run-of-the-mill compact SUV requires a cool billion to develop from a clean sheet, with internal-combustion technology that was perfected in the 1980s. Tesla has burned through many billions more to produce … four vehicles in 17 years. And to sell, if all goes according to plan, 500,000 in 2020. There are some other factors to consider, chief among them the misinterpretation of the Project Titan leaks. The whole thing could just be another impending foray into an Apple takeover of the dashboard, something that several Big Auto executives over the years have told me would be fine with them, as they balk at investing in their vehicles' user interfaces.
Elon is so scared
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