Apple as a transportation company? It’s possible, analyst says

Reports of iPhone maker Apple Inc. (NASDAQ: AAPL) branching out in a big way to manufacture cars isn’t a far fetched theory, according to Bernstein analyst Toni Sacconaghi. Apple has the resources Developing an entirely new product from scratch isn’t as complicated as it seems, Sacconaghi said on CNBC’s “Squawk Box.” Most notably, Tesla Inc (NASDAQ: TSLA) developed its Model S sedan with an R&D budget of just $100 million. More specific to Apple, the company created the iPhone from scratch with just 120 engineers working on the project. “I don’t think it’s a general rule to say that developing