Apple is aiming to produce a self-driving electric car by 2024.
The iPhone maker has set its sights on releasing a passenger car powered by its own “next level” battery technology, sources told Reuters.
The Silicon Valley giant first began automotive work in 2014 but its Project Titan has made slow progress since then.
The company has now drawn up plans to use a new battery design that could “radically” reduce the cost and increase the vehicle’s range, said a person familiar with the design.
Elon Musk’s Tesla is now the world’s most valuable automaker but it took the company 17 years to turn a profit from its electric cars.
And industry insiders say that tooling up to produce a car presents a huge manufacturing challenge for Apple.
“If there is one company on the planet that has the resources to do that, it’s probably Apple. But at the same time, it’s not a cellphone,” a former Project Titan employee told Reuters.
Insiders say Apple would most likely team up with a manufacturing partner to produce the AppleCar.
The company plans on using a “monocell” battery design that allows more active material to be put inside the battery and increases the available range.
It is also looking at lithium iron phosphate battery chemistry for its car, which is less prone to overheating.
”It’s next level,” the insider told Reuters. “Like the first time you saw the iPhone.”
Previous reports had indicated that Apple was more interested in developing self-driving technology rather than building an entire car of its own.
While the company is hoping to begin production in 2024, the Covid pandemic could push back the launch to 2025, Reuters reported.
Apple declined to comment on the report.