Apple CEO Tim Cook waves in New York City on September 22, 2014. UPI/John Angelillo | License Photo
CUPERTINO, Calif., Feb. 14 (UPI) -- Apple is reportedly working on producing an electric vehicle to compete with Tesla.
According to The Wall Street Journal, Apple has a few hundred people working on the top-secret project code-named "Titan." Having already revolutionized music, phones and tablets, the Cupertino, California-based company is venturing into a new area.
Apple wants to make its mark on automobiles the same way its iPhone changed smartphones, said the report. According to Bloomberg Business, Apple already has technology that may lend itself to an electric car, notably battery technology.
Still, Apple is frequently criticized for sticking to its core products, namely the iPhone and iPad. The company has not commented on the new vehicle, as the company could ultimately decide to scrap the product altogether.
Mickey Drexler, an Apple board member and head of J Crew Group, said in 2012 that Apple co-founder Steve Jobs had wanted to build a car. The Financial Times reported Apple is hiring auto experts to work at a new research lab.
Apple also has stiff competition from its neighbors in Silicon Valley. Google is working on a self-driving vehicle, and Tesla Motors makes electric cars. Tesla even hired at least 150 former Apple employees, more than from any other company, even carmakers, according to Bloomberg.
Both critics and supporters are wondering how Apple can keep growing after the company delivered record-breaking earnings this month. After all, $18 billion in net income on $74.6 billion in revenue seems difficult to beat. But a new high-tech car could help the company's earnings stay on the fast track.