Apple Plans To Go Solo With Car Project To Avoid Potential Delays: Report

Rumors about Apple, Inc.'s AAPL self-driving car project continue to crop up, suggesting the tech giant may be finally getting serious on expediting development.

What's The Latest? Apple is planning to develop the Apple Car by itself, without relying on any potential partnerships, according to Korea's Maeil Economic Daily.

The company earlier had discussions with multiple automakers, including Bayerische Motoren Werke Aktiengesellschaft BMWYY, Hyundai Motor Company HYMTF/Kia and Nissan Motor Co., Ltd. NSANY, for joint development and contract production, the report said.

With talks stalling, Apple is reportedly planning to resort to own development in order to avoid delays. The company has also restored the full operation of its vehicle research unit, the report said.

Apple sent a "Request For Quotation" to global auto parts makers requesting for quotation, signaling final parts supplier will be selected soon, according to the report.

Related Link: Why Apple Is A 'Top Tech Name' To Own Right Now

Why It's Important: The Apple Car project has been in the works since 2014, when Cupertino set up "Project Titan."

Apple is one of a few companies that consistently deliver excellent hardware, software and services, and this rare competency can fetch it success with the Apple Car, Loup Funds analyst Andrew Murphy said.

If Apple releases its self-driving car by 2025, it can sell about 1.5 million cars by 2030, CNBC reported, citing Bernstein analyst Arndt Ellinghorst. EVs could potentially add roughly $75 billion in revenue and effectively double Apple's overall growth rate, the analyst said.

AAPL Price Action: At last check, Apple shares were up 0.14% at $155.33.