When it comes to Apple products, there is always seems to be a rumored project overhead. In recent Apple shareholders meeting, Tim Cook hinted that Apple Car might possibly be a real thing. His statement fuels speculation that the company is planning a big play in the auto industry. Now, here's what is currently known about the Apple Car's release date, rumors and update.

The Apple CEO took a break from the company's rift with the FBI to tease fans about the possibilities of Apple Car. On Friday, the company conducted its annual shareholder's meeting in Cupertino, California. When a person asked Cook about the developments of the long-rumored Apple Car, the CEO said, "Do you remember when you were a kid, and Christmas Eve, it was so exciting, you weren't sure what was going to be downstairs? Well, it's going to be Christmas Eve for a while," as per reports from Business Insider.

Apple's automotive project is an "open secret" in Silicon Valley, according to Elon Musk, CEO of Tesla Motors.  However, the Cupertino-based company is still tight-lipped about the progress of the said project. With Cook's recent statement, Apple fans believe the company is secretly working on the car.

There are also several reports that claim Apple won't begin the car project until 2020, so the latest information lines up with the speculations. Moreover, this is not that the first time that Cook has been questioned about the Apple Car.

In an interview with Fortune, Cook avoided answering the question directly, but he described Apple engineers as curious people who "explore technologies". He also added that the company becomes "committed" to a project once it begins spending serious money on tooling and other involved processes.

Interestingly, Daisuke Wakabayashi of the Wall Street Journal said the electric car, which is under the code name "Project Titan", is now upgraded to "committed project" status.

The Project Titan is reportedly consists of 600 people, specializing in automotive mechanics and computer technology.  Rumors also said the company spent more than a year to study the feasibility of Apple Car, including meetings with two groups of government officials in California.

Furthermore, The Guardian published in August that Apple had begun seeking facilities for testing autonomous vehicles. However, the online websites do not answer who is going to manufacture the electric car and where is Apple going to sell these cars.