Apple allegedly held talks with EV startup Canoo in 2020 about developing its own car

A few days back we covered if Hyundai and Apple are looking to partner to develop a self-driving car.  We now have a new report to discuss which says that Apple was in talks with California-based EV startup, Canoo. The talks regarding the Apple car is increasing at a rapid pace since the last few weeks.

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The news surfaced that Apple and Canoo discussed a number of topics ranging from investment to acquisition. The US tech giant was attracted by ‘Skateboard’, which is Canoo’s scalable electric vehicle platform. Canoo is basically known for its flexible and innovative designs. It integrates a variety of electronics required in a car. It also consists of steer-by-wire technology. Both of these features combine to increase design flexibility while building a car.

Also Read: Apple Car mass production could be delayed till 2028, hints Ming-Chi Kuo

Due to various reasons, both of the companies failed to find a common ground to work on. Thus, the deal ultimately failed. After this update came out in the market, the share price of Canoo went up as high as 25% in pre-market trading. “Canoo doesn’t openly comment on strategic discussions, relationships or partnerships unless deemed appropriate,” Tony Aquila, Canoo’s executive chairman, said in a statement.

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We are seeing that Apple has tried to diligently focus on building their EV car under the project named ‘Project Titan’. That is why we are seeing them holding meetings with automakers like Canoo and Hyundai. Canoo has continously failed to generate money for short-term purposes. In fact, they took a loan of $7 million from the government’s pandemic Paycheck Protection Program. They also received $15 million total from Pak Tam Li, who is the Chinese investor.

We are still unaware of when we can see an Apple car running on the roads. But, what we do know is that it surely not going to be before 2025.

Source 1 | Source 2 | Source 3

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Sanidhya Bhardwaj
A football lover who is doing an MBA in finance and currently covering every news related to smartphones. I believe in diversification, both, in life and in my trading portfolio. Do check out my blogs to be aware of the recent happenings around you!

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