The Silicon Valley billionaire said he contacted Apple’s Chief Executive Officer, Tim Cook, during what was considered the darkest Model 3 program to discuss the possibility that they would buy one-tenth of Tesla’s stock at its present value.
“He refused to attend the meeting,” Musk said in a teaser on his Twitter account quoting the news Reuters about Apple wanting to produce passenger vehicles by 2024 with new battery technology.
During 2017 and 2018, Tesla struggled to increase high-volume production of the Model 3 sedan, with Musk at the time telling investors the company was mired in “production hell.” This is due to a problem with the automatic production system at its battery factory in Reno, Nevada, USA.
However Tesla managed to overcome the problem and has since amassed a quarterly profit. The electric carmaker became one of the most valuable companies to join the S&P 500 when it was part of a widely followed stock index on Monday. However, Tesla shares ended 6.5% lower in the S&P 500 debut, amid news of potential competition from Apple.
Apple’s automotive endeavor, known as the Project Titan, has been going awry since 2014. This is when Apple first started designing its own vehicles from scratch. At the heart of the company’s strategy for car production is a new battery design that could “radically” reduce battery costs and increase vehicle range.
In the same Twitter chain, Musk said, the “monocell”, which Apple plans to use in its design, is electrochemically impossible because the max voltage of -100X is too low. Unless they are tied together.
Apple declined to comment. Tesla did not immediately respond to a request for comment Reuters. (Also read: Erajaya Holds Eraspacetival Festival, Golden Opportunity to Find the Best Christmas Gift )