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.