Apple Inc (NASDAQ:AAPL) is working with its supplier Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM) on a chip for an autonomous vehicle, Apple Insider reported Wednesday.
The two companies have reportedly made concrete plans to set up a factor that will make chips for an “Apple Car” in the United States and in the process of talking with suppliers in the automotive electronics supply chain.
The Apple Car model is said to be similar to Tesla Inc (NASDAQ:TSLA) but further details were not available, as per Apple Insider.
Apple Insider cautioned its readers on the reliability of its source report.
One Apple analyst said two years ago that chips from TSMC are expected to be used in Apple’s car effort between 2023 and 2025, Apple Insider reported separately. TSMC is still reportedly considering building a chip manufacturing facility in Arizona.
On Tuesday, the Cupertino, California-based tech giant transferred its self-driving car team — working under the moniker Project Titan — under its artificial intelligence and machine learning head John Giannandrea, according to Bloomberg.
AAPL shares opened Thursday down 44 cents to $121.34, while TSM shares sagged $1.32, or 1.3%, to $103.10.
