WSJ: Apple plans to develop electric car

US tech giant Apple is working in secret to create a company-branded electric vehicle, according to the Wall Street Journal.

The maker of the iPhone and iPad has a team of several hundred people working on a minivan-style car that could incorporate Apple's array of technology products.

The newspaper quoted people familiar with the matter in a story Friday on the car project nicknamed "Titan."

If the vehicle moves forward it would put Apple in competition with other electric car makers including Tesla and General Motors.

The Wall Street Journal said the company is exploring several different technology developments and could decide not to proceed with the car.

On Tuesday, Apple became the first company to be valued at over $700 billion after recently posting $18 billion in quarterly profits.

The tech giant has made gains in the smartphone industry and has developed a highly-anticipated smartwatch.

The company's executives say Apple continues to look for ways to expand its global footprint and technology offerings.

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