He says he doesn't think it happens for 5 years. So, why is news leaking on it today?
Here's his take, our emphasis added:
Aside from yesterday's articles on project Titan, we also note that a week ago, numerous blogs reported on Apple-owned vans with cameras mounted on top, driving in San Francisco and Brooklyn, which pointed to Apple potentially testing a Street View type product or self-driving car product. Given the WSJ article's report that Apple CEO Tim Cook approved project Titan a year ago, the question is why is this information coming out now? We believe the most logical answer is to provide investors with some insight into Apple's coming plans without making any public statements. History seems to be circular for Apple as many wonder if Apple can break the $1 trillion dollar market cap barrier, which is similar to the speculation when shares were at their highs after the iPhone 5 launch. We believe, at that time, the biggest concern from investors was that the company didn't have any products compelling enough to fuel belief in another leg to the model. We believe that floating the potential of a car now could be to help investors dream about the type of projects yet to come from Apple.
For what it's worth, here's our take: Good reporters break news, and that's what happened here.
However, if you want a more conspiratorial angle, we have this: It helps Apple to recruit people if this information is out there. Imagine if Apple's recruiters are trying to poach people from car companies. Before the news hit, would those people really think Apple was serious about the car?
Further, it's really hard to make a car in total secrecy. It's a big device that needs to be perfected outdoors. It was hard to keep it totally under wraps.