Tim Cook Says He Has 'Great Admiration And Respect' For Tesla As He Drops Hints On Apple Car

Apple Inc. AAPL CEO Tim Cook has dropped a few hints about work on the much-anticipated Apple Car and said he has great “admiration and respect” for Tesla Inc. TSLA.

What Happened: In an interview with Kara Swisher on the “Sway” podcast, Cook declined to comment on whether Apple was working on a car itself or the technology within a car.

However, Cook said Apple loves to integrate hardware, software, and services, and “find the intersection points of those because we think that’s where the magic occurs.”

“And we love to own the primary technology that’s around that,” the Apple CEO added.

See also: How To Buy Apple Stock

On Tesla: Cook also said that while he has never spoken to Tesla CEO Elon Musk, he has great admiration and respect for the company Musk has built.

“I think Tesla has done an unbelievable job of not only establishing the lead, but keeping the lead for such a long period of time in the EV space. So I have great appreciation for them,” Cook told Swisher.

Musk had tweeted in December last year that he once tried to reach out to Cook to discuss the possibility of Apple acquiring Tesla, but Cook refused to take a meeting.

See Also: Why Apple Could Emerge As Tesla's 'First True Competitor'

Why It Matters: Apple has long been speculated to be working on developing an autonomous vehicle under the codename Project Titan. The company also acquired self-driving startup Drive.ai in June 2019.

There has been intense speculation over Apple’s potential partners on the self-driving electric vehicle. It was reported in February that Apple could still partner with South Korean automaker Hyundai Motor Company’s HYMTF subsidiary Kia Corp. on electric vehicles, even after the latter denied such a move in a statement.

It is also speculated that Apple may work with a contract manufacturer for its rumored electric vehicle, after talks with some automakers did not bear fruit.

Price Action: Apple shares closed almost 2.4% higher on Monday at $125.90 and further gained almost 0.5% in the after-hours session.

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