Apple Seeks to Release Fully Electric Vehicle in 2020

Apple Inc. is famous for its computer and phones, and it hopes to soon be out on the roads as well.

The tech giant has been working on an electric car and is pushing to get it going down the production line by 2020, which means it would go head-to-head with General Motors Co and Tesla Motors Inc., two companies that are currently working on rolling out more affordable electric cars for mass consumption.

GM and Tesla are looking at 2017 for the release of an electric car that could go more than 200 miles before needing a recharge, and would be targeted at a wider audience at a price point of less than $40,000.

Tesla’s model S sedan, which has been on the road since 2012, starts at $70,000. Upscale Porsche has a hybrid version, but that one is even more expensive than Tesla, starting at $96,000. Porsche is working on an all-electric version, but the company hasn’t disclosed how much it might cost.

Bloomberg News reports Apple has $178 billion in cash, and CEO Tim Cook has been pushing the company to branch out into new areas where Apple products could still be used and incorporated into new categories.

About 200 Apple employees are reportedly working on the electric car, and the company is ramping up efforts by hiring robotics and battery experts, Bloomberg reports.

Tesla CEO Elon Musk told Bloomberg that Apple has been trying to hire away some of his workers, offering in some cases $250,000 signing bonuses and 60% salary hikes.