Tesla’s competition in the electric car industry recently increased by one competitor known for its disruptive innovations; Apple targets car production of electric vehicles as soon as 2020. Competitors with a long history in the auto industry such as Volkswagen, Toyota, and Nissan have also recently joined the race to a more efficient electric car.
With competition to make a powerful battery that suits consumer needs, the cost of these high priced, energy efficient cars may eventually decline, giving consumers more buying power to own electric cars and find energy efficient technology a conducive investment. However, there is doubt in the industry that Apple can pull off a shift in its focus while still maintaining a positive consumer perception and high margins.
A Bloomberg article notes,
The secret to an electric car that will take off with consumers is to make an affordable, long-lasting battery.”
Though a release date has not been announced by Apple, and critics note the Apple TV as a similar product that was researched but never released, the company’s extensive reach into car user interface systems prove an entryway into the industry. With the introduction of new sources for powering vehicles and more competition in the market in renewable energies for transportation, the consumer is faced with more options for decision making in energy efficient transportation.
Read more here, “Apple has Hundreds Working On An Electric Car Design, Says WSJ,” (Darrell Etherington, TechCrunch)