BYD, in targeting a major market, already sells EVs and plug-in electric hybrids in many smaller countries and regions, including Norway, New Zealand, Singapore, Brazil, Costa Rica and Colombia.

The key Chinese suppliers informed Apple sometime in the past two months that they were not able to meet the tech giant's requirements for a planned EV, Reuters says.

Toyota's new EV will be slightly bigger than its compact Corolla, the world's best-selling car of all time. One source told Reuters that the vehicle is like a "Corolla with bigger back-seat section."