Apple has been making rounds with its demand to step into the automotive world with its electric cars and vehicles. Ranging from talking to Hyundai Motors to working on their famous Project Titan, they have been rubbing their feet. On the contrary, it’s pretty safe to say that Apple has managed to keep everything in a black curtain because their meeting with California EV start-up, Canoo wasn’t public.
With this being said, the talks were held during the first half of 2020, which was the part of Silicon Valley’s secretive effort to work and progress on the electric vehicle project. Around three people have been in talks (who are familiar with the project). Apple and Canoo discussed options related to acquisition and investment. The primary reason Apple was interested in working with Canoo because of their skateboard.
This start-up had caught Apple’s eye since they integrate the electronic car configurations, leading to higher flexibility when it concerns the cabin designs. In addition, they have a steer-by-wire technology that enhances flexibility and is a tenderfoot. Truth be told, Canoo was more interested in investments from Apple, but the talk fell apart. According to the executive chairman of Canoo, they don’t comment on their partnerships, strategic discussions, and relationship.
This latest news of Canoo taking an interest in Project Titan amidst talks with Hyundai Motors clearly depict that Apple is getting serious about their vehicle, which has shapeshifted various times ever since Apple first talked about making the car. Well, Apple has been refocusing on autonomous electric vehicle construction. Also, keep in mind that Canoo and Hyundai had announced the co-development of electric vehicles back in February 2020.
Some people are suspecting that they had joined hands for Apple, but it appears that their co-development plans are unrelated to Apple’s car. As far as Canoo and Hyundai agreements are concerned, they are more of engineering services agreements with which these companies will focus on powering the small-segment electric vehicle. On the contrary, Canoo hasn’t stated if the work has begun or if the payments have been made.
Coming back to the main topic, Apple rescued Canoo at a great time since Canoo had lost $182.3 million back in 2019 when they were working on the prototype vehicle. Similarly, they had only $29 million in the bank account in 2020. Similarly, Canoo kept hosting meetings with various companies of Silicon Valley, but none of the deals were finalized. However, there were government loans, with the pandemic, and when Apple hosted meetings.
As far as the Apple Car is concerned, it doesn’t seem like Apple is being constant with a company because they didn’t materialize their deal or meetings with Canoo. These meetings were hosted back in 2020 (when Canoo was struggling with their funds) but weren’t disclosed. Now that some internal sources have released this information, Apple still hasn’t commented on this news; we don’t know what the secrecy is all about!