Apple is to start producing its much-mooted electric car as soon as 2020, a new report has revealed.
Citing people 'with knowledge of the matter', Bloomberg has claimed the Cupertino-based tech firm will make its first foray into the automotive industry in just five years time.
It’s worth noting that a five-year timeframe is typical for other automotive manufacturers developing a car.
The iCar rumour mill was in overdrive yesterday as a lawsuit revealed Apple was facing allegations over employee-poaching from an electric car battery manufacturer called A123.
According to the company, Apple is guilty of unlawfully nabbing top-level engineers to build its own battery division.
The iPhone 6 maker also reportedly attempted to hire battery experts from LG Chem, Samsung, Panasonic, and Toshiba.
What’s more, Apple has also been found to have hired a host of Tesla staff, lending further credence to the suggestion that Apple is working on an electric vehicle.
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But could Apple realistically enter the automotive industry? Well it certainly has the spare capital to try. Last quarter saw the tech giant post a world record profit of $18 billion, while the firm’s cash reserves are known to be in excess of $178 billion (£116bn).
It’s also important to remember that Apple typically avoids being the first to market for various product categories. Other companies beat Apple to the punch with smartphones, tablets, portable music players, and smartwatches.
This means that Apple could look to rectify mistakes made by Tesla and other electric car manufacturers. Tesla plans to launch a new electric car in 2017.
Apple has already dipped its tow in the automotive market too, having launched its CarPlay dashboard interface. It's likely an actual Apple Car would see this system integrated.