Elon Musk Had Offered Apple to Buy Tesla for Fraction of Current Value

Silicon Valley billionaire Elon Musk stated on Tuesday he reached out to Apple Inc Chief Govt Officer Tim Cook dinner “throughout the darkest days of the Mannequin three program” to debate the potential of the iPhone maker buying Tesla Inc for a tenth of its present worth.

“He refused to take the assembly,” stated Musk, CEO of electric-car maker Tesla, replying to a Twitter chain which cited a Reuters story on Apple trying to produce a passenger automobile by 2024 with a brand new battery know-how.

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Throughout 2017 and 2018, Tesla struggled to ramp up excessive quantity manufacturing of the Model 3 sedan, with Musk on the time informing traders the corporate was mired in “manufacturing hell” due to issues with automated manufacturing programs at its battery manufacturing unit in Reno, Nevada.

Nevertheless, Tesla overcame the issues and has since racked up a string of quarterly earnings. The electrical automaker grew to become one of the crucial worthwhile firms to hitch the S&P 500 when it grew to become a part of the extensively adopted inventory index on Monday.

Shares of Tesla, nevertheless, ended 6.5 p.c decrease in its S&P 500 debut, amid information of potential competitors from Apple.

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Apple’s automotive efforts, referred to as Project Titan, have proceeded inconsistently since 2014 when it first began to design its personal automobile from scratch.

Central to the corporate’s technique for auto manufacturing is a brand new battery design that might “radically” cut back the price of batteries and enhance the automobile’s vary.

In the identical Twitter chain, Musk stated “monocell”, which Apple plans to make use of in its design, “is electrochemically inconceivable as max voltage is ~100X too low” except they’re bonded collectively.

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Apple declined to remark whereas Tesla didn’t instantly reply to a Reuters request for remark.

© Thomson Reuters 2020

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