Apple Abandons Electric Car Efforts, Reports Say

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Published on February 28, 2024 - Duration: 01:31s

Apple Abandons Electric Car Efforts, Reports Say

Apple Abandons Electric Car Efforts, , Reports Say.

Apple's electric vehicle (EV) project, known to insiders as "Project Titan," has reportedly come to an end, according to CNN.

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Apple's electric vehicle (EV) project, known to insiders as "Project Titan," has reportedly come to an end, according to CNN.

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Employees who were working on the project, which has likely been in development for at least 10 years, .

Will reportedly transfer to Apple's AI division.

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The tech giant is following a trend, with investorsโ€™ enthusiasm for electric vehicle investments waning, amid the frenzy for all things AI.

, Susannah Streeter, head of money and markets at U.K.-based investing platform Hargreaves Lansdown, via CNN.

Itโ€™s vital that Apple stays one step ahead in developing the tech people crave, to justify its productsโ€™ high price points, so fully exploring the opportunities AI presents for its future ranges is essential, Susannah Streeter, head of money and markets at U.K.-based investing platform Hargreaves Lansdown, via CNN.

While Apple never officially confirmed its EV aspirations, .

It obtained several vehicle-related patents and hired automotive executives over the years, among other things.

In 2020, Elon Musk even said that he once tried to sell Tesla to Apple.

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Meanwhile, iPhone manufacturer Foxconn revealed plans to produce EVs, .

Meanwhile, iPhone manufacturer Foxconn revealed plans to produce EVs, .

With CEO Young Liu telling CNN that the business model for such vehicles "should be reinvented."


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