What you need to know
- Apple is reportedly talking to two companies about batteries for its electric car.
- China's CATL and BYD are two companies in talks, according to a new report.
One step closer to electric brum brum time.
Apple is reportedly talking to two different Chinese companies about producing the electric batteries that could be used in a future Apple Car. Both CATL and BYD are said to be in discussions with Apple.
Citing "four people with knowledge of the matter," Reuters says that discussions are subject to change and that it doesn't know whether an agreement has been reached.
Apple Inc (AAPL.O) is in early-stage talks with China's CATL (300750.SZ) and BYD (002594.SZ), about the supply of batteries for its planned electric vehicle, four people with knowledge of the matter said.
The discussions are subject to change and it is not clear if agreements with either CATL or BYD will be reached, said the people who declined to be named as the discussions are private.
CATL is the company that supplies the likes of Tesla.
In terms of the chemical makeup of the batteries, Apple is said to be leaning towards the cheaper lithium iron phosphate option according to the same four people.
Apple is in favor of using lithium iron phosphate batteries that are cheaper to produce because they use iron instead of nickel and cobalt which are more expensive, the four people said.
Apple's been rumored to have plans for some sort of electric car for many years and while the story sometimes switches to Apple building autonomous ech for other companies, it's a story that refuses to go away.
Apple has never confirmed Apple Car, but we do know that Project Titan lives on deep inside Apple with recent Bloomberg reports noting that a turnover of staff is underway.
It looks likely to be a few years before we see anything come out of Project Titan, if ever. In the meantime, why not get a little taste by adding CarPlay to your old car? These are some of the best CarPlat receivers you can find.
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