Apple aims to begin production of electric car by 2020: report

An Apple Store in Tianjin, China.
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Apple is looking to begin production of an electric vehicle as early as 2020, according to Bloomberg, citing people with knowledge of the matter.

Automakers typically spend five to seven years developing a car, underscoring the aggressive timeline for the new venture, Bloomberg said.

Apple's foray into the auto sector, which has remained largely under the radar, marks a significant departure for the company, known for its consumer technology business.

Despite several media reports around an Apple car, there's no official word from the company confirming that it is developing an electric vehicle. Apple declined to comment when contacted by CNBC about the production timeline.

Typically, the cost of developing a car-making facility would run in the neighborhood of $1 billion, while Apple's cash reserves are around $178 billion in cash.

Read the full report here.

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-- Josh Lipton contributed to this article.