apple logoA recent pair of reports has suggested that Apple’s development of an electric car is pretty far along. One of the reports revealed that Apple had visited the DMV to ask about regulations for autonomous vehicles, and another report from The Wall Street Journal revealed that the Apple Car is set to be finalized in 2019.

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These are indeed exciting times, but former GM executive Bob Lutz recently made an appearance on CNBC (via BGR) in which he offered his opinions on the alleged vehicle, and warned Apple that electric cars are considered to be “money losers” and that if he were a shareholder in Apple, he would be very upset by this decision to embark on this project.

According to Lutz, “If I were a shareholder I’d be very upset because they’re currently engaged in a very high-margin business and the automobile business, at best, is a very low margin business. And you can’t show me one company in the world that, to date, has made a nickel on electric cars.”

He also goes on to add that despite Apple’s success in the tech industry so far, it is not necessarily indicative that they will be successful in the automotive industry either. “There is absolutely no reason to assume that Apple is going to be financially successful in the electric car business.”

This isn’t the first time someone from the car industry has warned Apple about their attempts. Earlier this year, former GM CEO Dan Akerson warned that Apple might have underestimated the car industry. However not everyone is so pessimistic as Tesla’s CEO Elon Musk seems to be pretty open to the idea of Apple launching an electric car of their own.

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