What you need to know
- Apple is in a "dating game" looking for its Apple Car partner.
- Wedbush analyst believes that the company will find and announce its partner in 2021.
As reported by AppleInsider, Wedbush analyst Daniel Ives says that recent reports of dissolved talks between Apple and automakers show that the company is narrowing down its potential partner for Apple Car ahead of a rumored announcement later this year.
In a note to investors seen by AppleInsider, Wedbush analyst Daniel Ives says that recent reports of dissolved discussions between Apple and car makers like Hyundai are part of the Cupertino tech giant's process of picking an EV partner. The analyst also noted recent rumors of Nissan expressing interest in producing the "Apple Car." Although the Japanese automaker later clarified that it wasn't in talks with Apple, Ives says the rumors of the discussion are further proof of Apple's EV "dating game."
Ives believes that it is a matter of "when not if" for Apple to enter the electric vehicle market and that the company will partner with an established automaker to bring it to life.
"We continue to strongly believe Apple ultimately announces an EV strategic partnership in 2021 that lays the groundwork to enter the burgeoning EV space," the analyst writes. With aggressive EV endeavors from established players like GM and Form and a coming "green tidal wave" during the Joe Biden presidency, Ives says now is the deal time for Apple to dive into the market.
The analyst says that VW and Hyundai would be ideals partners for Apple due to their established bets into the EV market already.
"In a nutshell, Apple with the right partner (Hyundai and VW Top 2 choices) would be a major force in the EV industry and could disrupt market share from the likes of Tesla, GM, Ford if the company is able to get the Apple Car on the road by 2024."
In a report from Reuters, VW CEO Herbert Diess said that he 'is not afraid" about the potential Apple Car. That sounds like something a potential Apple Car partner might say.