Rumors of Apple's car project are starting to hit the news, but a new report claims the iPhone maker is looking for a 2020 launch date and that's quite a while away.

It follows a surge in Apple's stock price coming from the rumors of an electric car project and after Apple failed to buy Tesla Motors for around $75 billion.

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Apple has been hiring engineers and executives in the automotive market for the past two years, leading to speculation the car is close to completion. But this new rumor puts it five years away from launch.

This gives enough time for Tesla Motors to launch the Model X (mid-2015) and Model 3 (late 2017), and other manufacturers like General Motors, BMW, Ford and Mercedes Benz the chance to make electric cars.

The 2020 date might be due to regulations on self-driving cars. Most analysts and government officials believe driverless cars should be allowed on roads by 2020.

Five years give Apple enough time to work on a range of models for all price points, set up manufacturing partners and work on the self-driving platform for the car.

Still, a lot can change in five years and this large gap gives the automotive industry time to prepare for Apple's surge into the market -- if it even happens.

Apple might find a way to acquire Tesla Motors before that date however. Rumors CEO Tim Cook wants to splash out on a huge acquisition to get rid of the $180 billion stored up.

TagsElectric Car, Self-Driving Car, tesla motors