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The Apple Car Coming by 2020?

The Apple (NASDAQ:AAPL) Car may be released by 2020.

smartphone market share, apple

Sources with insider information told Bloomberg that the Apple Car was planned for a 2020 release. The team behind the electric vehicle is being pushed to get it out as fast as possible. Five to seven year is the typical time it takes develop a car and it could give Tesla Motors (NASDAQ:TSLA) a strong competitor.

The secret team behind the Apple Car is reportedly 200 strong. The company has been hiring employees from other companies, including Tesla and A123 Systems, to work on the vehicle. However, it’s possible that Apple may choose to scrap the project if progress doesn’t move fast enough, reports Bloomberg.

Apple already has handhold in the car market with its CarPlay system. There are also apps out there that allow people to use iPhones to unlock and lock their cars and remote start them. These could be elements the company looks to use in its Apple Car.

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Article printed from InvestorPlace Media, https://investorplace.com/2015/02/apple-car-coming-2020/.

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