Goldman Sachs, Apple’s partner bank has recently issued a note regarding the Apple Car and its goal.
The investor’s note began with a statement that the automotive industry mostly operates on a low margin, then correlates this to the smartphone industry and the iPhone, where Apple has made money. Goldman Sachs says the company is used to achieving huge margins from its products.
The note then continues to mention that the reason why Apple is going forward with the self-driving technology is for the driver and passengers to spend more time on their iPhones.
Furthermore, it argued how a car will make more sense as a platform and not as a product. The opinion is not unanimous, as financial investor Morgan Stanley believes the Apple Car can be a competitor against EV brands such as Tesla and others.
The Apple Car, codenamed Project Titan is currently moving forward with claims to start production by the year 2024.