Apple is developing a self-driving car

The Iphone manufacturer is aiming to build a passenger vehicle in 2024

Apple Inc is moving forward with self-driving car technology and is targeting 2024 to produce a passenger vehicle that could include its own breakthrough battery technology.

Apple reportedly believes they can set themselves apart from their competitors with self-driving technology and a new battery design that could “radically” reduce the cost of batteries and increase the vehicle’s range.

Volkswagen Group CEO Herbert Diess said cash-rich technology giants invading the auto industry pose a much bigger challenge for the automaker than traditional rivals such as Toyota.

“We look forward to new competitors who will certainly accelerate the change in our industry and bring in new skills,” Diess said in a LinkedIn post when asked about reports that Apple is developing a self-driving car.

Project Titan, Apple’s self-driving car development project, dates back to 2014 when the company began designing its own automobile from scratch, according to Reuters. But, the project has experienced ups and downs with Apple leadership reassessing the viability of the project at one point. A big part of the car’s development is its battery, which could “radically” reduce costs and increase vehicle range.

Apple versus Tesla ?

Some say that we’ll witness an Apple-Tesla showdown as Tim Cook is a man who an deliver on time what he promises. However, according to some other people familiar with the Project Titan, “a car is not a cell phone”.

To produce a viable passenger vehicle is not easy, as evident by the fact it took Tesla nearly two decades to turn a profit. But, as one Project Titan employee pointed out, “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.” One person familiar with car manufacturing forecasts that Apple would need to produce at least 100,000 vehicles annually to make money.