Apple discussed acquisition options with startup EV Canoo in 2020

The meetings took place in the first half of 2020 and covered options ranging from investments to a possible acquisition, people familiar with the matter said. The edge.

Apparently, Apple was initially drawn to Canoo’s scalable electric vehicle platform. Compared to other automakers and startups, the platform further integrates a vehicle’s electronics and allows for greater flexibility in cabin design. Canoo, for his part, was interested in an investment from Apple. However, talks broke down and Canoo went public by merging with a blank check fund in 2020.

News of Apple’s interest in Canoo comes amid reports that the Cupertino tech giant is negotiating with Hyundai to make an autonomous electric vehicle by 2024.

In February 2020, Hyundai and Canoo announced their intention to co-develop electric vehicles. This announcement and any potential partnership between the two automakers does not appear to be related to Apple’s involvement in either.

Apple’s work on autonomous vehicle systems has been a poorly kept secret for years. The company’s vehicle division, internally dubbed Project Titan, has been developing self-driving car technology since at least 2014. Initially thought to focus on developing an actual production vehicle, the focus of the project has shifted towards the creation of the autonomous systems underlying an autonomous car. In recent years, it seems that Apple has returned to creating a real “Apple Car”.

Rumors and speculation about an Apple electric vehicle resumed in December 2020 when Reuters reported that the company could launch a vehicle with the “next level” battery technology by 2024.

Often accurate TF Securities analyst Ming-Chi Kuo has proposed that the “Apple car” doesn’t arrive until 2025 at the earliest. At least one report has claimed the project is so immature that it would take five to seven years for an “Apple Car” to come to fruition.