Market Overview

Apple Executives Unhappy With Car Unit 'Project Titan,' New Report Says

Apple Executives Unhappy With Car Unit 'Project Titan,' New Report Says
Related AAPL
Who Profits From The Incredible Success Of 'Fortnite'?
How Pandora Premium Is Faring As Competition Intensifies
Whitener Capital Management, Inc. Buys Apple Inc, Walmart Inc, Exxon Mobil Corp, Sells Express ... (GuruFocus)
Related TSLA
Top Ideas From The 2018 Sohn Conference: Box, Bitcoin, Facebook, Palo Alto And More
Today In Cryptocurrency: Bitcoin Cash Booms, Investor Compares Bitcoin To The Internet
Tesla: Where Exactly Is The Upside? (Seeking Alpha)

Apple Inc. (NASDAQ: AAPL) investors received some unexpected news last Friday when The Wall Street Journal reported the head of the company's electric car project Steve Zadesky was leaving the company because of personal reasons. There may be more to the story.

"Apple has placed a hiring freeze on the team responsible for the company's nascent automotive ambitions after executives became unhappy with the project's direction and progress," a new report from Apple Insider said on Monday.

According to the outlet, these changes came after a progress review held by Apple design head Jony Ive, who "expressed his displeasure" with the progress of the project, also known as "Project Titan."

The company had previously hired over 1,000 people to work on Project Titan, a move that was reported to have a negative impact on Tesla Motors Inc (NASDAQ: TSLA)'s product development.

It remains to be seen if the latest reports affects Apple's timeline for Project Titan. The WSJ reported in September that Apple was targeting a shipping date in 2019 for the car.

Musk: Apple Car Would Help Industry

While Apple itself has not confirmed it is creating a car, Tesla CEO Elon Musk told BBC on January 11 that Apple is indeed working on a form of competition. "It's pretty hard to hide something if you hire over a thousand engineers to do it," Musk said at the time.

"Tesla will still aspire to make the most compelling electric vehicles, and that would be our goal, while at the same time helping other companies to make electric cars as well," he added.

Musk doesn't see Apple as a threat, but as a force that will "expand" the electric vehicles market.

Posted-In: Long Ideas News Rumors Top Stories Movers Tech Trading Ideas General Best of Benzinga


Related Articles (AAPL + TSLA)

View Comments and Join the Discussion!