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Technology Stocks : Investing in Exponential Growth
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From: Paul H. Christiansen6/14/2017 9:43:36 AM
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Tim Cook Says Apple Focused on Autonomous Systems in Cars Push

After years toiling away in secret on a car project, Apple Inc. Chief Executive Officer Tim Cook has for the first time elaborated on the company’s plans in the automotive market.

“We’re focusing on autonomous systems,” Cook said in a June 5 interview on Bloomberg Television that amounted to his most detailed comments yet on Apple’s automotive plans. “It’s a core technology that we view as very important.” He likened the effort to “the mother of all AI projects,” saying it’s “probably one of the most difficult AI projects to work on.”

The prospect of self-driving cars has seen a slew of technology companies push into the auto industry, according to McKinsey & Co. Alphabet Inc.’s Waymo unit has signed partnerships with Fiat Chrysler Automobiles NV and Lyft Inc. to develop the technology. And carmakers from BMW AG to General Motors Co. have opened sizable Silicon Valley offices and dedicated hundreds of millions of dollars to acquire autonomous vehicle startups.

Apple had initially been seeking to build its own car, before recalibrating those ambitions last year to prioritize the underlying technology for autonomous driving, Bloomberg News reported. The iPhone maker had hired more than 1,000 engineers to work on Project Titan, as the car team is known internally, after it started in 2014.

bloomberg.com

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