If you have been waiting for the Apple Car, you may want to rethink your options. Apple analyst Ming-Chi Kuo has now said that he has "lost all visibility" on the Apple Car project.
What Happened: Apple Inc. (NASDAQ: AAPL) could be losing the plot for its car project - while the Apple Car saga has extended to a decade now, analyst Kuo has cast aspersions on the idea itself.
According to Kuo, fans who have been waiting for Apple Car news are in for a disappointment. He says he has "lost all visibility" on the project, which sounds quite serious for the world's most valuable company by market capitalization.
"If Apple doesn't adopt an acquisition strategy to enter the automotive market, I doubt that the Apple Car can go into mass production within the next years," Kuo remarked, underlining that Apple has likely run into some serious problems with its autonomous electric car dreams.
Initially referred to as 'Project Titan', the Apple Car project was launched in 2014 with the goal of creating a self-driving electric car.
Autonomous Car Dreams: Elon Musk's Tesla Inc. (NASDAQ: TSLA) has also been working on bringing similar capabilities to its electric cars, but it has not yet achieved the highly anticipated full self-driving abilities yet.
This is not the first instance of Kuo expressing doubts about the Apple Car project. Back in March this year, Kuo said the team working on Apple Car has been dissolved.
"The Apple Car project team has been dissolved for some time," he said, adding that a reorganization is required if Apple wants to achieve its mass production goal by 2025.
Now, over six months later, with Kuo saying that there is no visibility whatsoever, it looks like Apple has not regrouped its development team yet.
It remains to be seen if this is a temporary setback or if the Apple Car dreams have been shelved for good.