Tim Cook is the CEO of Apple.
FilmMagic has Frazer Harrison.
Apple stock jumped 3% to a record high on Thursday, after a report said the company will release a car in 2025.
Apple has been rumored to be working on a vehicle.
When Apple's car is released, it will be fully self-sufficient and electric.
Apple stock surged 3% to a record high and overtook Microsoft in market cap on Thursday after a report that the iPhone maker is speeding up the development of an electric car that is fully self-sufficient.
The most valuable company in the world has been rumored to be internally developing a vehicle under the codename "Project Titan" since at least 2014, though the company has stayed mum on its apparent plans.
According to people familiar with the matter, Kevin Lynch, an Apple Watch software executive, has focused the company's car project towards a fully self-sufficient electric vehicle rather than one that offers adaptive steering controls.
Engineers at the company had been planning for a five to seven year launch of the car earlier this year, but Apple is targeting a launch in 2025.
The report said that hitting the target is dependent on the company's ability to complete the self-driving system.
Apple is exploring designs for a car that does not have a steering wheel or pedals, as well as one that does not have a core processor that will power the self-driving system, according to a report.
In a Thursday note, Dan Ives said that Apple partnering with an auto manufacturer is likely still in the cards, and that Apple's car is inevitable.
"We believe that Apple will enter the EV race and add another $30+ per share of TAM to the Apple growth story over the next few years," he said.
He said that Apple has a good chance of launching a car by the year 2025. Year-to-date, shares are up 19%.
Markets Insider.
Business Insider has an original article.
