Tim Cook. AP Apple CEO Tim Cook gave a great response when asked about the long-rumored Apple Car at the company's annual shareholder's meeting in Cupertino, California, on Friday.

He 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."

Before answering the question, he joked that "maybe I should have called on someone else."

Apple's automotive ambitions are an "open secret" in Silicon Valley, according to Tesla CEO Elon Musk, although Apple has never confirmed that it is working on a vehicle. Reports indicate that "Project Titan," as it's called internally, may have as many as 600 employees, but the boss in charge of the project, Steve Zadesky, recently left Apple.

Previous estimates had Apple potentially beginning to manufacture the Apple Car in 2020.