Illustration: Sarah Grillo/Axios
Bloomberg has fresh reporting on Apple's secretive plans to develop an autonomous electric car.
Driving the news: Apple plans to "accelerate development" and is "refocusing the project around full self-driving capabilities."
- The target launch date is 2025, but could easily slip, they report in the story attributed to anonymous sources familiar with the effort.
Why it matters: If the plan ever comes to fruition, it would mark a major new entrant in the auto space, given Apple's brand recognition, balance sheet and track record.
Yes, but: Apple keeps its cards close to the vest, and the effort has long been a moving target.
What they're saying: Wedbush Securities analysts said Bloomberg's reporting matches their view that an Apple car — probably in partnership with another company — will likely arrive mid-decade.
- "We would assign the chances of Apple unveiling its own standalone car by 2025 as 60%-65%," they said in a note.