17:03 GMT09 May 2021
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    Apple Plans to Start Producing Electric Cars as Soon as 2020

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    The California based IT-giant is pushing its development team to start production to enter the market for competition with Tesla Motors and General Motors.

    Apple could be able to start production of an electric vehicle as early as 2020, according to media reports.

    Typically, automakers spend five to seven years developing a car.

    The California based IT-giant is pushing its development team to start production to enter the market for competition with Tesla Motors and General Motors.

    Both companies are targeting a 2017 release of an electric car which can drive more than 300 kilometers on a single charge and cost less than $40,000.

    Apple posted record profit of $18 billion for the past quarter and has $178 billion in cash. Chief Executive Officer Tim Cook is pushing company to enter new market segments.

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    Tags:
    electric cars, General Motors (GM), Tesla Motors, Apple, US
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