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How do you measure the value of your vehicle? Through its sale value, right? The automotive industry is historically slow in terms of adding new innovation, this is all about to change with technology now appearing at a faster pace. The technological value might not be something you are thinking about right now but you certainly will be.
Tech companies are racing to build the vehicle of the future with unconfirmed rumours this week stating that Apple are set to build their own electric car with self-driving capabilities. It is argued that tech is taking over the automotive industry as it is expected that consumers will be purchasing cars based on the embedded technology of the vehicle.
Today’s cutting edge will be tomorrow’s common place with companies like Apple and Google pushing innovation in the automotive sector. Microsoft (who have been working on this area for some time) and Uber are also key businesses in the race to build the future vehicle. Uber, the taxi smart application has launched a research centre focusing on autonomous vehicles and mapping technology. Many are questioning the future of the taxi market as a result of this investment. This coupled with Apples’ recruitment investment in hiring employees who previously worked at Tesla (design and manufacturer of premium electric vehicles) has sparked great interest.
Some are enthusiastic about the thought of using their iPhone to unlock their car, which Tesla actually began offering last year. It should also be noted that Apple posted a record profit of $18 billion in their last quarter and have $178 billion in cash to be spent on new avenues.
Apple have the resources and talent to make this project plausible although it’s likely to take several years before we see a consumer vehicle. Whilst this all may be rumours it is difficult to call with Bloomberg stating “Apple Wants to Start Producing Cars as Soon as 2020”. It may all be speculation, but at this stage it’s exciting and intriguing speculation. Who knows what the future holds for the automotive industry.