After rolling out an NFC payment feature to secure its position in the financial innovation department, Apple is being rumored to branch out its operations by working on an electric car, which has been dubbed the 'iCar.' Initially, the company was thought to be working on car related technology by testing out camera equipped vehicles, but the tech giant never gave a clear indication as to why it was doing such as thing.

After the rumor sprouted up, it is possible that the Cupertino tech company is working on rolling out an electric car but from the looks of it, the project currently seems to be in its initial development stages. Apple has currently not given any details concerning its latest venture. According to The Mac Observer, the Cupertino tech giant is in the midst of hiring employees belonging to Tesla, since these are the individuals who have had experience in the automobile industry and specifically towards hybrid vehicles.

In addition, BusinessInsider has stated that an individual claiming to be an employee working for Apple has said that the iPhone maker is currently working on something that will "give Tesla a run for its money." It has yet to be confirmed whether or not the individual is actually working at Apple, but it has almost been confirmed that the firm will be looking to launch its very own hybrid car in the near future. 

If the rumors do end up being true, then Tesla will be yet another company that will be in direct competition with the most valuable company in the world. According to Bloomberg, Tesla has hired around 150 people from Apple so far, and the iPhone maker's current campaign seems to be attracting employees to work for the company through $250,000 signing bonuses and huge salary packages.