Apple Inc. (NASDAQ: AAPL) CEO Tim Cook has dropped some tips on working on the much-anticipated Apple Car, saying he has great “admiration and respect” for Tesla Inc. (NASDAQ: TSLA).
What happened: In an interview with Kara Swisher on the “Sway” podcast, Cook declined to comment on whether Apple itself is working on a car or the technology in a car.
However, Cook said Apple likes to integrate hardware, software and services, and “finds the intersections of those because we think this is where the magic occurs.”
“And we like to own the primary technology around there,” Apple’s CEO added.
About Tesla: Cook also said that although he has never spoken to Tesla CEO Elon Musk, he has a lot of admiration and respect for the company that Musk built.
‘I think Tesla has done an incredible job of not only establishing leadership but also maintaining leadership in the EV space for so long. “I have great appreciation for them,” Cook told Swisher.
Musk tweeted in December last year that he was once trying to reach out to Cook to discuss the possibility that Apple would acquire Tesla, but Cook refused to take a meeting.
See also: Why Apple May Appear as Tesla’s First True Competitor
Why it matters: It has long been speculated that Apple is working on the development of an autonomous vehicle under the code name Project Titan. The company also acquired self-drive startup Drive.ai in June 2019.
There has been intense speculation about Apple’s potential partners over the self-driving electric vehicle. In February it was reported that Apple may still have a partnership with the South Korean carmaker Hyundai Motor Company se (OTC: HYMTF) subsidiary Kia Corp. on electric vehicles, even after the latter so denied in a statement.
It is also speculated that Apple may be working with a contract manufacturer for its rumored electric vehicle, after talks with some car manufacturers did not bear fruit.
Price action: Apple shares closed nearly 2.4% higher at $ 125.90 on Monday and rose nearly 0.5% in the after-hours session.
Read next: Snapchat dares Apple’s wrath with attempts to approach new privacy rules: FT
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