Apple Could Build Its First Car By 2024

CUPERTINO, CA — Apple's top brass have finally decided to accelerate a plan to produce self-driving cars and a passenger vehicle by 2024. And these vehicles could come equipped with "breakthrough battery technology," Reuters reported.

And this isn't the first time Apple has circled the notion of building a car. In 2014, the conglomerate launched Project Titan, which had lofty goals of designing its own vehicle from scratch. But Apple withdrew from the project to redirect focus back into software development, the report stated.

Apple also laid off around 200 of its empoyees within its automotive team last year, The Verge reported.

Read more from The Verge: Apple wants to build its first car in 2024, Reuters says

According to Reuters, Apple could be well on its way to building its long awaited car product by 2024 but some have remained skeptical about this timeframe as the pandemic could delay the project. Reuters warned that Apple could also futher delay its passenger car design, placing more focus on its self-driving tech.

For now, information related to what could be the "iCar" is scarce as Apple executives have yet to officially unveil the renewed effort.

As for the "breakthrough battery technology," Reuters reported that the new tech could be more cost effective and have "a potentially longer range."

According to Yahoo Finance, chatter surrounding the this new battery tech has cast a light on battery startup QuantumScape. Shares reportedly spiked 29 percent on Monday and were up 10 percent more in pre-market trading Tuesday. Their stock has skyrocketted 417 percent over the last three months, Yahoo reported.

Apple's current battery technology mostly replies on a "monocell" design, The Verge reported.

But even a well-oiled machine such as the Apple empire could face a multitude of supply chain challenges, Reuters warned. Afterall, it took nearly 20 years for Elon Musk to turn a profit making cars at Tesla.

"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," said a person who worked on Project Titan, according to Reuters.