TSLA Dumped, AAPL Pumped As Icar Planned For 2019

The iCar is coming…

As The Wall Street Journal reports,

Apple Inc.  is accelerating efforts to build an electric car, designating it internally as a “committed project” and setting a target ship date for 2019, according to people familiar with the matter.

The go-ahead came after the company spent more than a year investigating the feasibility of an Apple-branded car, including meetings with two groups of government officials in California. Leaders of the project, code-named  Titan  , have been given permission to triple the 600-person team, the people familiar with the matter said.

Apple has hired experts in driverless cars, but the people familiar with Apple’s plans said the Cupertino, Calif., company doesn’t currently plan to make its first electric vehicle fully autonomous. That capability is part of the product’s long-term plans, the people familiar with the matter said.

There are many unanswered questions about Apple’s automotive foray. It isn’t clear whether Apple has a manufacturing partner to become the car equivalent of Hon Hai Precision Industry Co., the Taiwanese contract manufacturer that builds most iPhones and is known by the trade name Foxconn. Most major auto makers build and run their own factories, but that hasn’t been Apple’s strategy with iPhones or iPads. Contract manufacturing in the auto industry usually is limited to a few niche models.

The 2019 target is ambitious. Building a car is a complex endeavor, even more so for a company without any experience. Once Apple completes its designs and prototypes, a vehicle would still need to undergo a litany of tests before it could clear regulatory hurdles.

In Apple’s parlance, a “ship date” doesn’t necessarily mean the date that customers receive a new product; it can also mean the date that engineers sign off on the product’s main features.