Report – Apple sets eyes on 2020 to produce its electric car image

According to the latest report on the hot topic of Apple’s implication into the automotive industry, sources that have knowledge of the matter told Bloomberg the technology giant seeks an early 2020 introduction for its upcoming secret electric vehicle.

All media channels raged this week about the bomb drop of Apple Inc. having a skunkworks team of a few hundred people working since late last year on the development of an internally produced electric car. Codenamed Titan, the project envisions a minivan-like vehicle, sources that remained anonymous said, with the possibility of advanced autonomous functions by the time the new auto is launched. The newly revealed timeframe – which falls in line with the typical work cycle of the auto industry of five to seven years for each new product – shows the Cupertino-based company has aggressive targets. It could also serve as the basis for a battle for buyers with electric car producers such as Tesla Motors Inc or General Motors. Both carmakers have set initial 2017 goals of introducing each an electric vehicle capable of driving for 200-mile son a single charge and with an affordable price of $30,000 to $40,000.

While the electronic device maker has no prior experience in the field of automotive industry, prior successful startups – Tesla Motors included as the best example – showed that a newcomer can make an impact on the traditionalist car market. While Tesla – valued at around $40 billion – might have trouble supporting its business if key models don’t become successful, the same cannot be said about Apple.

Via Bloomberg