Report: Apple looking to produce electric cars by 2020

Apple has set an internal goal to begin producing an electric vehicle by 2020, Bloomberg reports.

With automakers normally taking between five and ten years to develop a car, the timeframe suggests an aggressive goal by Apple to compete in a market expected to be otherwise dominated by Tesla and General Motors — two companies that are said to be targeting a release of an electric vehicle within the next two to three years that can travel more than 200 miles on a single charge and cost under $40,000.

While nothing is certain as Apple only appears to be in the early research and development stages of this project, the company already has a car team of about 200 people and has been adding new hires at an increased rate in recent months, specifically looking for experts in areas such as batteries and robotics.