Apple (AAPL) plans to start producing electric vehicles within the next five years, according to Bloomberg, citing sources privy to the company’s plans.
Cupertino is pushing its car team of about 200 people to meet that goal. Automakers typically spend five to seven years developing a car, underscoring the new project’s aggressive goals, Bloomberg said. The publication noted however, Apple may decide to scrap its car-making effort, or delay it, if Cook & Co. grew unhappy with its progress.
It’s worth mentioning, that despite several media reports around an Apple car, there’s no official word from the iPhone maker confirming that it is developing an electric vehicle.
Typically, the cost of developing a car-manufacturing plant would run in the neighborhood of $1 billion, while Apple’s cash reserves are nearly $180 billion.
Meanwhile, Tesla Motors (TSLA) CEO Elon Musk, whose company serves as Apple’s main competitor in the automotive sphere, told B’berg Businessweek this month that Apple was seeking to hire away his workers by offering $250,000 signing bonuses and a 60% salary increase.
Apple recently traded at $128.39, a 0.3% loss over Thursday’s closing price.