Apple will begin production on its own electric vehicle in 2024, confirmed by Reuters and MacRumors. The car will be powered by monocell battery design that offers greater range than traditional electric vehicle batteries. Apple is also reportedly exploring the use of a lithium iron phosphate battery, which would not include hard to mine metal cobalt, says Yahoo. There are many reasons why Tesla probably doesn't have to be too worried about the Apple Car, but Apple has plenty of incentives to pursue a digitally-enhanced electric vehicle. Central to Apple’s strategy is a new battery design that could “radically” reduce the cost of batteries and increase the vehicle’s range, according to a third person who has seen Apple’s battery design. Even for Apple, making a vehicle will be a herculean task, given it took Elon Musk 17 years before he could finally turned a sustained profit making cars with Tesla. In order to have a viable assembly plant, analysts estimate that Apple will need to sell at least 100,000 vehicles or more annually, with high expectations to grow. Apple now has $191.83 billion cash on hand, according to the company's fourth-quarter earnings report released on October 29. Tesla CEO Elon Musk reacted confidently on Twitter, "a monocell battery is electrochemically impossible," he said. He also explained how he reached out to Apple CEO Tim Cook to discuss the possibility of Apple acquiring Tesla (for a much lower price) but apparently Cook declined the meeting. There have been plenty of fake viral videos going around TikTok and other platforms that have customers excited about the possibilities, but no design specifications have been confirmed. Shares of Tesla ended 6.5% lower on Monday after their debut in the S&P 500 on Monday. Apple shares ended 1.24% higher after the news.