Apple Sought Japanese Auto Parts Maker's Help For Apple Car Project: Report

Apple Inc. AAPL had sought Japanese auto parts maker Sanden’s help two years ago for high-performance components related to the Apple Car project, Nikkei Asia reported Monday.

What Happened: A man who identified himself as an Apple parts manager presented schematics of an electric vehicle and air conditioner parts at Sanden’s Texas office in January 2020, as per the report, citing people familiar with the conversation.

Apple and Sanden — one of Japan's largest suppliers of vehicle air conditioner parts — discussed specific parts requirements, but Sanden's financial struggles reportedly worsened amid the coronavirus pandemic and its prospects of joining the Apple Car project faded.

See Also: How To Buy Apple (AAPL) Stock

Why It Matters: Nevertheless, Apple’s move highlights efforts made by the Tim Cook-led company to accelerate the development of the Apple Car project and enter the increasingly crowded electric vehicle space currently dominated by Tesla Inc. TSLA.

Rumors of an upcoming Apple Car pushed the iPhone maker's shares to record territory in November. Apple is reportedly aiming to launch an electric vehicle by 2025.

The Apple Car project has gone full-throttle under Apple Watch software chief Kevin Lynch, it was reported in November, citing tech journalist Mark Gurman.

Price Action: Apple shares closed 0.1% higher in Friday’s regular trading session at $172.17.

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