Apple Moves Forward On Auto Plans

Apple Inc. (NASDAQ: AAPL) has evolved from being just a computer company to a music mogul, a watchmaker and now -- a car manufacturer.

The firm announced plans to create an electric car that it says will be ready for shipment by 2019. Rumors about whether or not the firm is planning to enter the auto industry have been circulating for months, but the Wall Street Journal confirmed the company's intentions on Monday.

Project Titan

Dubbed Titan, the project has required Apple to hire dozens of new employees, many with experience working in the auto industry. Now that the company has openly admitted its car making aspirations, Titan's team is expected to continue expanding. Those familiar with the initiative are projecting the 600 person workforce to triple in the coming years.

Related Link: Apple 'Well Positioned' In Self-Driving Car Market

Self Driving?

Leave it to Apple to maintain a bit of mystery -- the company hasn't confirmed or denied whether or not Titan is exploring the possibility of creating a self-driving vehicle. Many expect that the electronics giant is heading in that direction, but Apple executives have been tight-lipped about their intentions for Titan's capabilities. While research regarding autonomous car technology has been ongoing at Apple, people familiar with the matter told WSJ that the first version of its electric car won't be fully autonomous.

Apple Car

Many question how Apple's brand will translate in the auto industry where well established brands already have a large customer base. However, Apple's user base is nothing if not loyal, so some see Apple's transition into car-making as a smart play.