Elon Musk said Thursday that he reached out to Apple CEO Tim Cook during what he called “the worst days of the Model 3 project” to discuss the possibility of Apple acquiring Tesla at 10% of its current value. Tim Cook refused to attend the meeting between them.
And according to what was reported by Reuters news network, Apple was planning to produce its own car by 2024 with new battery technology, and “Musk” demand came during 2017 and 2018, when Tesla struggled to produce large quantities of its Model 3 car, and “Musk” informed investors at the time that the company engulfed in what he described as “production hell” due to problems with automated production systems at the company’s battery plant in Reno, Nevada.
After a while, Tesla overcame those problems and has since posted a streak of quarterly profits, and the electric car maker has become one of the most important companies to enter the S&P500 index and is part of a stock index that many investors follow widely.
However, in the first appearance of the company’s shares in the index, its value was 6.5% lower than it was amid news of the possibility of Apple competing with it, as Apple’s business in the field of cars, popularly known as Project Titan, has developed at an uneven level since 2014 when it began designing Its own vehicle starting from scratch, and one of the fundamentals of its car production strategy is to come up with a new battery design that can drastically reduce battery prices and increase the distance the car can travel.