Apple pulls the plug on its EV building project
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According to reports, Apple has canceled its electric vehicle (EV) project, a decade after rumors first emerged about the iPhone maker’s involvement in it.
When asked by BBC News, the company has never officially confirmed the project, which reportedly involved approximately two thousand employees.
Bloomberg News states that many of the project’s employees will transition to Apple’s artificial intelligence (AI) division.
Reportedly named the Special Projects Group within Chief Executive Tim Cook’s Project Titan, the Apple car team was initially rumored to focus on developing a fully autonomous vehicle devoid of a steering wheel and pedals.
The company invested billions of dollars in research and development, but the team was believed to be several years away from actual vehicle production.
Also read: Vietnam’s VinFast starts EV facility in India’s Tamil Nadu
“This is a smart and long-awaited decision,” Ray Wang, founder and chief executive of Silicon Valley-based consultancy Constellation Research told the BBC. “The market demand for EVs is not there and AI is where all the action is,” he added.
Apple has been venturing into new avenues beyond iPhones and computers, such as its recent Vision Pro virtual reality headset introduction.
According to research firm Counterpoint, this decision aligns with the significant growth observed in the market for AI in consumer electronics.
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