The computer company wants to begin production of a self-driving electric car within a handful of years.
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Apple has its eye on the automotive industry, with insiders telling news outlet Reuters the tech giant wants to begin production of a vehicle in 2024.

Nicknamed 'Project Titan', the self-driving electric car planned by Apple is said to be back on track, having been on and off since the idea first emerged in 2012.

Apple became the world's most valuable company in July 2020, and currently enjoys a market capitalisation value of US$2.242 trillion (AU$3T) – or nearly half of the total annual budget of the US government. It's estimated the company has around US$200 billion (AU$265B) in cash.

Some industry commentators have raised eyebrows at the latest report from Reuters, suggesting the leak could be a recruiting tool for Apple.

In 2018, Apple veteran Doug Field returned to the company to oversee Project Titan after a stint at Tesla, and proceeded to fire around 200 employees who were involved in the program.

The mass layoffs came at the same time Apple acquired a failing self-driving tech company.

The most recent reports claim Apple is currently researching a 'monocell' battery, which is said to use a more efficient packaging design to maximise energy, as well as lithium iron phosphate battery construction.

Meanwhile, Tesla boss Elon Musk has taken a swipe at Apple on Twitter after the latest news of the company's plans were published.

"Strange, if true" Musk said in response to the report.

"Tesla already uses iron-phosphate for medium range cars made in our Shanghai factory," he wrote.

"A monocell is electrochemically impossible, as max voltage is [approximately one hundred times] too low. Maybe they meant cells bonded together, like our structural battery pack?"

In May 2019, a senior financial analyst in the told US media Apple had attempted to purchase Tesla back in 2013. The deal fell through after Musk refused to step down from his position as CEO.

It appears Apple has put those plans to rest, with Musk tweeting this morning about again attempting to float the idea of selling Tesla to Apple CEO Tim Cook more recently.

"During the darkest days of the Model 3 program, I reached out to Tim Cook to discuss the possibility of Apple acquiring Tesla (for [one tenth] of our current value). He refused to take the meeting," Musk said on Twitter.