Apple Car speculation is back. Here's what we know so far

New York (CNN Business)Longstanding speculation that Apple will release its own electric, self-driving car was reignited last week when Reuters, citing unnamed sources, reported that Apple plans to produce a passenger vehicle by 2024. Talk of the iPhone maker's ambitions to break into the auto industry has been swirling for about five years. Expectations for the effort, named Project Titan, range from the company developing its own Apple-branded car to providing operating system software to existing car manufacturers. In April 2017, Apple received a permit from the California Department of Motor Vehicles to test self-driving vehicles there. An Apple car has the potential to be "a transformative event" for the automobile and mobility industry in the coming decades, Morgan Stanley analysts wrote in a note to investors last week -- much as the iPhone changed the game for mobile phones.