The consumer electronics giant quietly put aside its plans to build a TV after years of research, according to a Wall Street Journal report Monday. The company tried to develop a unique high-end television with sci-fi features, but executives ultimately didn’t believe they could take on TV market leader Samsung and shelved the efforts.

Instead, Apple has reportedly refocused on its Apple TV set-top-box for streaming video, which it debuted in 2007. It is expected to unveil a new version at its World Wide Developer Conference next month, which may include various bundles of TV channels that customers can access over the Internet. Apple (AAPL) was the exclusive launch partner for Time Warner streaming service, HBO Now, which launched last month.

Investor Carl Icahn, however, believes the company will introduce a television set in 2016, and will enter the electric car market in 2020, according to the an open letter to Apple CEO Tim Cook. He publicized the letter Monday in which he argued that Apple’s shares are significantly undervalued.

Specifically, Icahn said that expected Apple to sell 55-inch and 65-inch ultra-high-definition sets. He predicted it would sell 10 million units and generate $15 billion in the 2016 fiscal year.

“We view television’s role in the living room as a strategically compelling bolt-on to the Apple ecosystem,” Icahn said in his letter.

In the last few months, there have been rumors that Apple is working on a car. But other than some listings for intriguing job openings, there has been nothing conclusive.

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