This company's remarks may prove Apple is working on a car (AAPL, GOOG, GOOGL, TSLA)
BI Intelligence
The Apple Car might be happening, with a strong emphasis on might.
Toronto-based auto parts manufacturer Linamar Corp. has confirmed that it spoke to both Apple and Google about potentially supplying the two tech behemoths with auto parts if they begin manufacturing cars, reports Bloomberg.
On the surface, this isn't earth-shattering news. Google has been developing a fully autonomous car for some time, and there's nothing here to explicitly confirm that Apple is developing a car. But consider that a few weeks ago, Apple made a $1 billion investment in Chinese ride-hailing service Didi Chuxing.
Apple has never publicly announced it is developing a car, but the company has reportedly hired 1,000 engineers to work on a car project codenamed Titan. Apple also reportedly hired former Tesla executive Chris Porritt to help develop the Apple Car. Not much is known of the design, but many expect the car to be electric and self-driving, reports Fortune.
Other signs have emerged that Apple is working on a car, such as a greater R&D budget and the recent news that the company is investigating space in San Francisco to test the self-driving cars. Above Avalon also reported last month that the company's R&D spending as a share of total revenue will hit an all-time high by the end of 2016.
iPhone sales have plateaued, so greater R&D spending implies that Apple wants to diversify with new products, such as a car, Above Avalon noted.
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