US: Billionaire Ichan and son believe Apple will have a car image

Well known billionaire activist investor and entrepreneur Carl Ichan and his son, Brett Ichan, also the portfolio manager, recently expressed their views on Apple Inc’s prospects of unveiling in the near future their own automobile.

The largest technology company in the world, Apple, has been rumored heavily by the media thanks to internal and external sources that it has been hard at work developing a secretive project since late last year – an automobile. The car, according to the sources is electric and by the time it finishes development – around 2020 – it would also have at least semi-autonomous functions. The elder Ichan appeared recently in an interview with cable business channel CNBC, where he also discussed his latest issue with the technology behemoth – claiming he would envision larger share buybacks on their behalf. “We believe they’re going to do a car,” added Brett Ichan as the duo also forecasted Apple would move to present its own television set as well – another hot debate subject surrounding Apple these days.

According to a filing with the Securities and Exchange Commission, Carl Ichan has around 53 million Apple shares as of the end of the first quarter. He recently wrote an open letter to Apple Chief Executive Officer Tim Cook saying the company should trade at double the level of today and showed his belief the company would move into the television production business in 2016 and in the automotive industry by 2020. Ichan, in the television interview, also discussed the rise of ride-sharing firms such as Uber and Lyft, as he also owns shares in the latter – valued today at around two billion dollars.

Via Reuters