What Happened: Cupertino has reportedly hired Luigi Taraborrelli, who has had a 20-year stint at Italian sports car and SUV manufacturer Lamborghini. His LinkedIn profile hasn’t reflected the change yet.
Taraborrelli was last working as R&D, Head of Chassis and Vehicle Dynamics at Lamborghini, and his responsibilities in the role included chassis concept development, overall vehicle lap time performances, virtual simulation, and software coding, among other things.
He had worked on vehicles such as Urus, Huracan Coupe, Aventador Coupe, and limited series Sterrato.
Apple reportedly plans to use Taraborrelli to lead the design of the Apple Car venture.
Why It’s Important: This is the second news report on the Apple Car project that has emerged this week. Japanese media outlet Nikkei had reported that Apple has been brisk with its patent filings related to the project.
The Apple Car undertaking, codenamed "Project Titan," has never really got going despite rumors surfacing on and off. The division has seen a mass exodus of engineers and executives.
Apple’s unveiling of its upgraded CarPlay software at its annual developers' conference in June sparked rumors that its rumored car could soon become a reality. Cupertino has also been adding talents including Ford Motor Company’s (NYSE: F) Desi Ujkashevic and Canoo, Inc. (NASDAQ: GOEV) executive Ulrich Kranz, who also worked earlier for Bayerische Motoren Werke AG (OTC:BMWYY).
Media reports say Apple is looking to build a car with full-self driving capabilities without a steering wheel and pedals, with a possible rollout in 2024 or 2025.
Price Action: Apple closed Wednesday’s session 3.42% higher at $156.79, according to Benzinga Pro Data.