Is Apple Setting A 2020 Target To Begin Car Production?

Shares of Apple were trading higher by 0.25 percent on Friday morning after a Bloomberg reported suggested that Apple Inc. (NASDAQ: AAPL) has set 2020 as a target to begin production of an electric vehicle.

According to sources familiar with the deal, Bloomberg noted that Apple has built a roster of over 200 people who are considered to have expertise in areas that can be used for auto manufacturing including batteries and robotics.

Apple has already hired five people from A123 Systems, a battery maker along with battery experts from Samsung Electronics Co., Toshiba Corp. and several others.

Tesla Motors Inc (NASDAQ: TSLA) Chief Executive Officer Elon Musk has already publicly stated that Apple is actively trying to lure his employees with 60 percent salary increases and $250,000 signing bonuses.

Apple's decision to enter the new market hasn't been officially announced. Apple's management team could decide to scrap its car effort altogether or delay the project if they are unhappy with the progress, as has been done before with other secret projects.