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Technology giant, Apple, is reportedly pushing well ahead on the development of its electric vehicle (EV), codenamed “Titan”, as Bloomberg understands. The Cupertino-based firm is now aiming to begin producing its first automobile by the year 2020, sources close to the company divulged.

As automakers usually spend between five to seven years developing an automobile, Apple will be pushing its boundaries as the timeframe of just five years may prove to be a tad too short. Should Apple’s Titan become a reality by then, it will be the final entry into a three-way battle as both Tesla and General Motors are looking to introduce a sub-US$40,000 EV that can go 200 miles (322 km) on a single charge by 2017.

Google is also planning to muscle in on the electric vehicle segment. Late last year, the firm unveiled a prototype of its fully autonomous electric vehicle. The California-based firm will continue developing the prototype before placing it on trials on public roads this year.

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Ford 021C concept car.

Further proof of Apple’s aggressive development plans are evident in the firm’s campaign to poach engineers and technicians from other rival companies including Tesla. A US$250,000 signing bonus and a 60% salary hike were among the incentives promised to individuals who jumped ships, said Tesla CEO, Elon Musk.

Apple has also successfully hired five individuals from Massachusetts-based battery maker, A123 Systems. Apart from that, the company has its sights set on recruiting more technicians from firms such as Samsung, Panasonic, Toshiba, Johnson Controls and LG Chem.

Additionally, reports have also indicated that Apple executives have sat down with key personnel from automobile contract manufacturer, Magna Steyr. The Austrian firm currently assembles vehicles such as the Peugeot RCZ, Mini Paceman and Countryman.