Apple to independently create EV after failure of negotiations with auto giants

Apple plans to build its first electric vehicle (EV) on its own, without the help of partners, Report informs referring to autocentre.

The tech giant was unable to come to an agreement with automakers.

The first news that Apple decided to enter the electric car market appeared in 2015. Then publications about the Apple Titan project (another name - Apple iCar) appeared online, but, in fact, little was known about it. A few years later, the Cupertino-based company allegedly abandoned the idea of ​​creating an electric car and decided to focus on developing an autopilot.

Apple has resumed work on the project and has even tried to get some of the most successful automakers like Toyota and Hyundai to partner with it. But this idea did not lead to anything, and the company decided to implement the project independently.

To bring the first electric vehicle to market as quickly as possible, it was decided to start work on rebuilding the vehicle development center. The next step was the search for suppliers of components. According to some reports, the first EV of the IT giant will debut no earlier than 2025.

In July, contractors of Apple Inc - electronics assembler Foxconn (Taiwan) and manufacturer of components for hard drives Nidec (Japan) - announced the creation of a joint venture, the purpose of which will be the production of electric motors for electric vehicles.

According to financial analysts, stock markets might fall 15 percent by the end of the year due to overvalued shares of high-tech companies such as Amazon, Apple, Facebook, and Google.