After a decade of development, tech giant Apple has reportedly halted work on its secretive electric car project. A reliable source confirmed this news on Tuesday. This decision came amidst a challenging economic climate that has decreased demand for luxury electric vehicles.
Some employees previously assigned to the car project will now be redirected to Apple’s growing artificial intelligence (AI) division. Industry experts, like Ben Bajarin of Creative Strategies, believe this could be a positive move, fueling investor optimism in Apple’s AI competitiveness.
Up until now, Apple has taken a more cautious approach to AI compared to companies like Alphabet and Microsoft who’ve aggressively embraced the technology.
Apple declined to make any official statements on the matter.
Known internally as “Project Titan,” Apple’s car venture began ten years ago during a peak of interest in self-driving vehicles. Initial plans aimed for a release as early as 2024, but progress stalled. The pandemic further disrupted the project.
This recent news reflects the broader automotive industry slowdown. Even major players like Tesla have scaled back investments as rising interest rates curb consumer enthusiasm for expensive electric cars.
Key Points:
- Apple’s electric car project is canceled.
- The economic downturn has decreased interest in electric vehicles.
- Apple may be ramping up its AI development efforts.
