Recent reports claim that tech giant Apple is concentrating on building its own electric car. The company is committing to the project and plans to release it in 2019.
The Apple electric car, known only as Project Titan, has been a subject of rumors for several years now. According to the Wall Street Journal, Apple has the green lighted the proposal of the team behind the project to triple the current 600-person team working on the car.
Recently, Apple hired experts in the field of driverless cars. People with close internal connection with the project claim that Apple does not plan to create a fully autonomous car. Additionally, the autonomous feature is part of the car's long term pan.
In May, billionaire Carl Icahn wrote a letter to Apple CEO Tim Cook highlighting the massive opportunity the electric and autonomous car market projects, according to Forbes.
Icahn wrote, "At $1.6 trillion, the enormous addressable market for new cars is approximately four times the size of the smartphone market. We believe the rumors that Apple will introduce an Apple-branded car by 2020, and we believe it is no coincidence that many believe visibility on autonomous driving will gain material traction by then."
Currently, Tesla is on top of the electric car business. However, the company has yet to publicize its interest on the autonomous car market.
On the other hand, search giant Google has been making waves on the tech community as the company is already testing a prototype of its self-driving car. Google's driverless car is legally allowed to operate in four American states.