Apple stock rose 3% after a report that the iPhone maker is accelerating the development of a fully autonomous EV car, according to a report by Markets Insider on Thursday.

  • The most valuable company in the world has been reported to be internally developing a vehicle branded “Project Titan” since 2014, even though it stayed tight-lipped on its apparent plans.
  • Under the oversight of Apple Watch software executive Kevin Lynch, the company has redesigned its car project towards a fully autonomous EV car rather than one that provides adaptive steering controls.
  • Apple is looking to launch its electric car in 2025, as engineers at the company had been planning for around a 5-to-7 year launch schedule earlier in 2021.

The iPhone maker is evaluating various designs for its car project, including one design that would have no steering wheel or brake and gas pedals. AAPL down -0.070%