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Apple Gets Self-Driving Car Permit: What's at Stake for the Industry?
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Last Friday, it was reported that iPhone maker Apple Inc. (AAPL - Free Report) received a permit to begin testing self-driving vehicles in California, signaling that the tech giant could be ready to design or build autonomous vehicle technology, as well as bring its secret “Project Titan” out from the dark.
According to the state’s Department of Motor Vehicles website, the permit allows Apple to test autonomous driving technology in three 2015 Lexus RX 450h luxury hybrid sport utility vehicles; the company will also have six drivers permitted to operate the vehicles.
Project Titan, Apple’s very secretive self-driving car effort, has been in development for several years now, though the firm has never formally acknowledged it. Recently, the whole thing appeared to be in flux, with Apple reportedly deciding to focus on self-driving software instead of fully autonomous cars.
Late last year, Apple submitted a letter to the National Highway Traffic Safety Administration, saying it “uses machine learning to make its products and services smarter, more intuitive and more personal. The company is investing heavily in the study of machine learning and automation, and is excited about the potential of automated systems in many areas, including transportation.” Many took this at the time as Apple’s strongest hint that the company was still developing self-driving technology.
However, Apple joins a seriously crowded space. You already have big players like Tesla (TSLA - Free Report) , Alphabet’s (GOOGL - Free Report) Waymo, Uber, and Nvidia (NVDA - Free Report) testing their autonomous car technology in California, in addition to traditional automakers like Ford Motors (F - Free Report) , General Motors (GM - Free Report) , Volkswagen’s Audi unit, and Volvo (VLVLY - Free Report) racing to get a self-driving car model on the road.
Because Project Titan is still being kept under wraps, it’s hard to say how behind or ahead Apple is compared to its new competitors in the self-driving car industry. A company source reportedly told Bloomberg that autonomous vehicle testing would begin “soon,” but I think it’s safe to say that when an Apple prototype finally hits the road, the entire industry will surely be in for a shakeup.
Apple redefined how consumers think of a computer, a portable music player, a smartphone, a tablet, and even a watch, so it’s not that improbable to think that they will be the company to help redefine how Americans think of a car, and what it means to drive one.
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Apple Gets Self-Driving Car Permit: What's at Stake for the Industry?
Last Friday, it was reported that iPhone maker Apple Inc. (AAPL - Free Report) received a permit to begin testing self-driving vehicles in California, signaling that the tech giant could be ready to design or build autonomous vehicle technology, as well as bring its secret “Project Titan” out from the dark.
According to the state’s Department of Motor Vehicles website, the permit allows Apple to test autonomous driving technology in three 2015 Lexus RX 450h luxury hybrid sport utility vehicles; the company will also have six drivers permitted to operate the vehicles.
Project Titan, Apple’s very secretive self-driving car effort, has been in development for several years now, though the firm has never formally acknowledged it. Recently, the whole thing appeared to be in flux, with Apple reportedly deciding to focus on self-driving software instead of fully autonomous cars.
Late last year, Apple submitted a letter to the National Highway Traffic Safety Administration, saying it “uses machine learning to make its products and services smarter, more intuitive and more personal. The company is investing heavily in the study of machine learning and automation, and is excited about the potential of automated systems in many areas, including transportation.” Many took this at the time as Apple’s strongest hint that the company was still developing self-driving technology.
However, Apple joins a seriously crowded space. You already have big players like Tesla (TSLA - Free Report) , Alphabet’s (GOOGL - Free Report) Waymo, Uber, and Nvidia (NVDA - Free Report) testing their autonomous car technology in California, in addition to traditional automakers like Ford Motors (F - Free Report) , General Motors (GM - Free Report) , Volkswagen’s Audi unit, and Volvo (VLVLY - Free Report) racing to get a self-driving car model on the road.
Because Project Titan is still being kept under wraps, it’s hard to say how behind or ahead Apple is compared to its new competitors in the self-driving car industry. A company source reportedly told Bloomberg that autonomous vehicle testing would begin “soon,” but I think it’s safe to say that when an Apple prototype finally hits the road, the entire industry will surely be in for a shakeup.
Apple redefined how consumers think of a computer, a portable music player, a smartphone, a tablet, and even a watch, so it’s not that improbable to think that they will be the company to help redefine how Americans think of a car, and what it means to drive one.
The Best & Worst of Zacks
Today you are invited to download the full, up-to-the-minute list of 220 Zacks Rank #1 "Strong Buys" free of charge. From 1988 through 2015 this list has averaged a stellar gain of +25% per year. Plus, you may download 220 Zacks Rank #5 "Strong Sells." Even though this list holds many stocks that seem to be solid, it has historically performed 6X worse than the market. See these critical buys and sells free >>