SpaceX Strengthens Manufacturing Base with Hexagon Purus Aerospace Deal
Elon Musk
Tesla engineers deflected calls from Apple on a daily basis while the tech giant was developing its now-defunct electric vehicle program, known as "Project Titan."
In 2022 and 2023, Apple was secretly developing an EV, aiming to launch it by 2028 with full autonomy. However, Apple abandoned the project in early 2024, citing a lack of progress and a reevaluation of its expectations. This decision sparked a range of reactions in the tech industry.
Apple's cancellation of its EV venture has drawn a wide array of reactions across the tech sector. Some investors noted that the EV landscape was becoming increasingly competitive, making it a challenging endeavor. Many Project Titan engineers are now focused on AI at Apple, a strategic shift.
Apple made significant efforts to develop a competitive EV, including poaching top talent from Tesla. Elon Musk revealed in a podcast interview that Apple engineers "just unplugged their phones" to avoid the relentless recruiting calls, with Apple offering double the Tesla compensation without requiring an interview.
Apple did acquire some ex-Tesla employees, such as Senior Director of Engineering Dr. Michael Schwekutsch, who later joined Archer Aviation. Tesla, unlike other companies, did not take legal action against Apple for its poaching attempts.
Despite the cancellation, Apple's interest in EVs persists, and it continues to explore the market. The tech giant's focus on AI and its potential impact on the automotive industry remain significant.
Elon Musk's Tesla has attracted a lot of attention and investment, with some believing it could reach a market cap of $100 trillion. This ambitious valuation is based on Tesla's expansion into AI and robotics, alongside its automotive and energy divisions.
Cathie Wood of ARK Invest supports this idea, citing Tesla's proprietary data and industry ambitions. Musk's companies are converging, with Tesla investing in xAI and SpaceX acquiring it, creating a potential umbrella of interconnected businesses.
Musk expressed enthusiasm about the possibility of a $100 trillion valuation, stating it's "not impossible." Tesla's diverse projects, including Robotaxi and Optimus, position it at the intersection of AI, robotics, and manufacturing, further supporting its potential for accelerated growth.
SpaceX's trajectory has been equally impressive. The Falcon 9 has become the industry leader in launch missions, with over 600 successful flights and 560 landings. SpaceX's Starlink now dominates satellite communications, and Starship, a fully reusable launch system, is under active development.
Seven years after the Falcon Heavy's maiden flight with Elon Musk's Tesla Roadster, the question has evolved from "What if this works?" to "How far does this go?" SpaceX and Tesla have achieved remarkable success, with Tesla becoming the world's most valuable automaker and SpaceX dominating the launch industry.
