Porsche and Apple Held Early Discussions about Potential Joint Venture

The chief executive of Porsche has said that the company has held early discussions about potential joint projects with Apple Inc.

Porsche Oliver Blume did not reveal details of the negotiations, but his comments at the German company's annual call with journalists could rekindle long-standing speculation about Apple's potential expansion into the auto sector.

He said, “We already have Apple CarPlay and we will expand on that. We discussed a range of exciting projects with the Apple executives.” Apple CarPlay is a software that connects iPhones to the dashboard in most of the new cars. The parent company of Porsche, Volkswagen AG is also preparing to take the unit public with a listing later this year. 

A meeting between Blume, Porsche CFO Lutz Meshke, and other Porsche executives and unnamed Apple executives took place in November at Los Angeles Auto Show. The meeting was characterised as an opportunity to get to know each side adding that it did not involve discussions particular to Apple’s own cars or include any negotiations.

Automakers and technology companies have been working more and more closely in recent years to manage the surge in personal electronics and consumer demand for vehicles that emulate the capabilities of smartphones. Still, industries have been cautiously looking at other industries, not wanting to give up control, looking at the potential to generate billions of dollars in new revenue from digital services.