The CEO of vehicle manufacturer Volkswagen stated in a recent interview that he is not “not scared” by the prospect of Apple developing its own electric vehicle.
CNN reports that during a recent interview with the German newspaper Frankfurter Allgemeine Zeitung, Volkswagen CEO Herbert Diess stated that he isn’t intimidated by Apple despite recent reports that the tech giant may be developing its own electric vehicle.
“The car industry is not a typical tech sector that you could take over at a single stroke,” Diess stated. “Apple will not manage that overnight.”
It has been speculated for years now that Apple may be developing its own electric, self-driving car. In December 2020, Reuters reported that Apple planned to produce a passenger vehicle by 2024, and partnerships with Hyundai and Kia were discussed.
In April 2017, Apple received a permit from the California Department of Motor Vehicles to test self-driving vehicles in the state.
Morgan Stanley analysts wrote in a note to investors in December 2020: “There’s just so much going on in [electric and autonomous vehicles] and connected tech. It is perhaps a fitting time of the world’s most valuable company to play its hand in the $10 trillion global mobility market.”
Volkswagen also has plans to move heavily into the electric car field in the future, with the firm selling 231,600 battery electric vehicles in 2020 alone. This is less than half the number of sales Tesla made last year bu represents an increase of 214 percent on the previous year and shows Germany’s massive automotive industry is working on challenging major electric vehicle manufacturers.
This dedication to the electric vehicle market by the company is why Diess told the German newspaper “we are not afraid,” referring to Apple entering the market.