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Apple Said to Have Made 'Serious Bid' of ~$240 Per Share to Acquire Tesla Around 2013
It has long been rumored that Apple plans to compete in the electric vehicle market in some capacity, ranging from supplying other automakers with underlying technologies to developing its own vehicle entirely, and new information suggests that Apple may have been eyeing a major acquisition to boost its efforts.
Namely, Apple is said to have made a "serious bid" for Tesla around 2013, offering around $240 per share. That's according to Craig Irwin, a senior analyst at investment firm Roth Capital Partners, who said he has "complete confidence" in this information, but he doesn't know if the bid reached a "formal paperwork stage."
"Around 2013, there was a serious bid from Apple, at around $240 a share," said Roth, speaking on a CNBC video highlighted by AppleInsider. "This is something we did multiple checks on. I have complete confidence this is accurate."
"I don't know if it got to a formal paperwork stage, but I know from multiple different sources that this was very credible," he added. "So, right now, Apple is building multiple, very large dry rooms in California… they're doing something interesting and exciting on the battery side… Project Titan is absolutely not dead."
Tesla had 114.5 million shares outstanding as of January 31, 2013, and that number increased throughout the year, so Apple's bid would have totaled at least $27.4 billion at the time. Now, the electric vehicle maker's shares are trading around the $203 mark, well below Apple's reported bid years ago.
Tesla's technologies and facilities, including its assembly plants in California and Nevada, certainly would have helped Apple's so-called "Project Titan" automotive ambitions in big ways, but the extent of Apple's plans are still unclear.
A recent report said Apple is seeking LiDAR units that are "smaller, cheaper and more easily mass produced" than current systems, which can cost over $100,000 and are considered "too bulky and prone to failure" for use in mass-produced vehicles. Apple is said to be "setting a high bar" with demands for a "revolutionary design."
Last year, Apple rehired its former VP of Mac hardware engineering Doug Field to work on Project Titan after a five-year stint as Tesla's engineering chief. Apple has a team of about 1,200 employees working on the project, according to court documents, but recent restructuring led to 190 layoffs.
Apple has been developing and testing autonomous driving software out on the streets of Cupertino, California using Lexus SUVs since early 2017. It's still unclear if we'll ever see a so-called Apple Car, but analyst Ming-Chi Kuo believes a release wouldn't be until 2023 to 2025 either way.
Namely, Apple is said to have made a "serious bid" for Tesla around 2013, offering around $240 per share. That's according to Craig Irwin, a senior analyst at investment firm Roth Capital Partners, who said he has "complete confidence" in this information, but he doesn't know if the bid reached a "formal paperwork stage."
"Around 2013, there was a serious bid from Apple, at around $240 a share," said Roth, speaking on a CNBC video highlighted by AppleInsider. "This is something we did multiple checks on. I have complete confidence this is accurate."
"I don't know if it got to a formal paperwork stage, but I know from multiple different sources that this was very credible," he added. "So, right now, Apple is building multiple, very large dry rooms in California… they're doing something interesting and exciting on the battery side… Project Titan is absolutely not dead."
Tesla had 114.5 million shares outstanding as of January 31, 2013, and that number increased throughout the year, so Apple's bid would have totaled at least $27.4 billion at the time. Now, the electric vehicle maker's shares are trading around the $203 mark, well below Apple's reported bid years ago.
Tesla's technologies and facilities, including its assembly plants in California and Nevada, certainly would have helped Apple's so-called "Project Titan" automotive ambitions in big ways, but the extent of Apple's plans are still unclear.
A recent report said Apple is seeking LiDAR units that are "smaller, cheaper and more easily mass produced" than current systems, which can cost over $100,000 and are considered "too bulky and prone to failure" for use in mass-produced vehicles. Apple is said to be "setting a high bar" with demands for a "revolutionary design."
Last year, Apple rehired its former VP of Mac hardware engineering Doug Field to work on Project Titan after a five-year stint as Tesla's engineering chief. Apple has a team of about 1,200 employees working on the project, according to court documents, but recent restructuring led to 190 layoffs.
Apple has been developing and testing autonomous driving software out on the streets of Cupertino, California using Lexus SUVs since early 2017. It's still unclear if we'll ever see a so-called Apple Car, but analyst Ming-Chi Kuo believes a release wouldn't be until 2023 to 2025 either way.
Tag: Tesla
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18 weeks ago
Tesla had 114.5 million shares outstanding as of January 31, 2013 ('https://www.sec.gov/Archives/edgar/data/1318605/000119312513096241/d452995d10k.htm'), and that number increased throughout the year, so Apple's bid would have totaled at least $27.4 billion at the time. Now, the electric vehicle maker's shares are trading around the $203 mark, well below Apple's reported bid years ago.
Just doing the math here, which is woefully incomplete.
TSLA has 177.3 million shares outstanding currently (per Yahoo finance). At a $203 share price, the market cap is $36B.
So even though the share price is lower now than when Apple was bidding on it, it would cost Apple more to buy TSLA now than it did in 2013.
Very misleading paragraph and probably should be updated.
18 weeks ago
It would have been interesting in an alternate timeline where Elon Musk is acquired as Steve Jobs was with NeXT to ultimately become CEO. Elon would definitely bring a different style of leadership than Tim
18 weeks ago
Thankfully they didn't get it and avoided the Tesla Trainwreck on autopilot.
missed opportunity. Model 3 is the best car I've ever driven. 100% satisfied with the purchase.
18 weeks ago
Do ittttttt. Apple can afford to mess something up. Buy Tesla and let apple CFO straighten everything up. Tesla autopilot married to CarPlay = apple car.
I have a hard time believing Apple could straighten Tesla up better than they already are. Tesla has that drive to make something amazing. Apple seems to be mainly interested in their stockholders.
18 weeks ago
I never said I’d suggest another EV car.
I bought my wife a new BMW X7. Makes the ridiculously expensive Model X look like a Kia from 15 years ago.
Just one example? It has 3 zone climate control.
Front.
The Model X gives you two cheap looking vents for the rear passengers, and no ability to control settings. The “limited” settings for rear passengers have to be changed via the front touchscreen. How utterly stupid.
And this is just one example. My wife’s X7 is absolutely loaded with features that no Tesla has at any price.
Its 21st century and most car internals look like from 80s.
We need to move away and start making things more elegant. Model 3 is a good start but its just that - good start.
[doublepost=1558458486][/doublepost]
Right, it’s instant power, but it’s _limited_ power for only so long before you have to charge again. To me, nothing will ever replace the euphoria for internal combustion engines that satisfies me with a V-8 that my Mustang GT offers. (And soon to be a 6.2l Scat Pack added.:D)
This old fashioned thinking needs to disappear. Combustion engines were a big mistake. EV is the future (for now).
18 weeks ago
It would have been interesting in an alternate timeline where Elon Musk is acquired as Steve Jobs was with NeXT to ultimately become CEO. Elon would definitely bring a different style of leadership than Tim
Different for sure. And IMO a far worse one.
18 weeks ago
missed opportunity. Model 3 is the best car I've ever driven. 100% satisfied with the purchase.
My Model S is the best car I've ever driven, Once their Pickup comes out, ill be buying on and trading in my Tacoma. Hands down I will only buy a tesla from now on.
[doublepost=1558458680][/doublepost]
Right, it’s instant power, but it’s _limited_ power for only so long before you have to charge again. To me, nothing will ever replace the euphoria for internal combustion engines that satisfies me with a V-8 that my Mustang GT offers. (And soon to be a 6.2l Scat Pack added.:D)
ICE cars need to disappear. Turn all fuel stations into charging stations.
18 weeks ago
missed opportunity. Model 3 is the best car I've ever driven. 100% satisfied with the purchase.
Yeah, that is what I hear from the owners of about a dozen Teslas. Either it is a conspiracy or *gasp* it is the best car range ever. One guy I know has four.
18 weeks ago
Thankfully they didn't get it and avoided the Tesla Trainwreck on autopilot.
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