What you need to know
- A new report says Apple Car will be very expensive.
- That's according to a supply chain report from analyst Ming-Chi Kuo.
- Kuo seems to have confirmed numerous other details including a partnership with Hyundai, and more.
A new report says that Apple Car will be a "very high-end model" costing significantly more than its competitors.
In a research note seen by iMore, analyst Ming-Chi Kuo has spoken about the supply chain prospects of the project, and how companies like Foxconn will benefit. Kuo firstly highlights that Apple "will deeply cooperate" with Hyundai on Apple Car, as per previous rumors. He further notes that Kia will provide a production line in the United States, the company has a plant in West Point, Georgia. Interestingly, Kuo states that if the venture with Hyundai works, Apple could establish further partnerships with the likes of General Motors and Groupe PSA (Peugeot, Citroen, Opel, Vauxhall).
Tempering some supply issues, Kuo says the market is currently too optimistic about Apple Car orders for companies like Foxconn.
On development time, Kuo says cooperating with the likes of Hyundai will significantly reduce development times and time-to-market lengths, using existing car factory resources. Kuo reiterates rumors there will be a focus on autonomous driving software and hardware.
Kuo again stated Apple Car will be released in 2025 at the earliest, noting how much longer it takes to make a car compared to something like the iPhone. Apple will reportedly use existing resources to offset the competitive disadvantage of releasing an electric car so late. On price, Kuo states Apple Car will be "a very high-end model", with a selling price and component cost significantly higher than that of ordinary electric vehicles. In terms of investment, Kuo says investors should look to established carmakers like Hyundai, not Apple's regular manufacturing partners like Foxconn.
In terms of specs, Kuo notes that Apple Car could be based on Hyundai's E-GMP chassis. Announced in December, the BEV based offers a range over 500km on a full chart, and charging to 80% in just 18 minutes, as well as zero to 100kph acceleration in 3.5 seconds and a top speed of 260kph.
The news reiterates previous reports from Bloomberg's Mark Gurman that the Apple Car is "at least" five years away, and will feature a "pricey" self-driving system.