Apple Inc's new car chief Kevin Lynch is pushing to launch its electric car as early as 2025 and refocusing the project around full self-driving capabilities.

Axar.az reports that the iPhone maker's shares rose more than 2% to hit a new record following the news.

Apple's ideal car would have no steering wheel and pedals, with interiors designed around hands-off driving, the report said.

The company's automotive efforts, known as Project Titan, have proceeded unevenly since 2014 when it first started to design its own vehicle from scratch.

The news comes as surging demand for electric vehicles propels the market value of companies such as Tesla and Rivian far above traditional carmakers that have been around for decades longer.