Apple spent a whopping $2.94 billion on research and development last quarter, according to a new filing with the U.S. Securities and Exchange Commission. The Apple R&D spending represents an increase of 6 percent compared to the same quarter last year.

While Apple keeps its plans close to its chest, it invests a tremendous amount of money on research and development to create the products we’ll be buying a year or more from now.

Amid continuing rumors that it might be building an electric car, Apple revealed that is has boosted its research-and-development spending by $1.5 billion this year.

While Apple is dumping more money into R&D, it’s been able to trim costs in other areas. In its Securities and Exchange Commission filing for the fiscal quarter that ended June 27, Apple lowered its capital-spending projections for the year by 8 percent, which could amount to $1 billion in savings.