Apple Stock News

Tesla CEO Elon Musk said he is fine with Apple entering the car market during his company’s earnings call yesterday, while providing some insight into Apple’s attempt to enter the market. When answering a question about whether Tesla was losing engineers to the tech giant, he announced that his company had acquired 5 employees from Apple for every 1 that they lost. This is in contrast to comments earlier this year, when Musk said that Apple was trying very hard to poach his employees with offers of $250,000 signing bonuses and 60% pay raises.

Apple is rumored to be working on an automotive initiative codenamed Titan, although the tech giant has not yet commented on the project. The rumors surround the possibility that the company is working on a full-fledged, self-driving electric vehicle. This project would not be fully functioning until at least 2020, when possible vehicles could potentially start hitting the market.

It is more likely, however, that the company is working on advanced CarPlay integration and to improve its Apple Maps with 3D street imagery. Apple is focusing on getting its in-car service into more vehicles, increasing the usage and peoples’ reliance on its operating system. Apple vans carrying high-tech surveying equipment have been spotted across the country, lending credence to the fact that Apple is working to improve its maps service, as it tries to beat Google to offering the best in-car services.