Tech giant Apple has decided to halt the development of its much-anticipated electric car project, as to reports from Kommersant on February 28 citing Bloomberg sources.
While the majority of employees are expected to be transitioned to the priority division focusing on the development of artificial intelligence (AI) technologies, the fate of several hundred electric vehicle engineers and designers remains uncertain. Some may face potential layoffs, although the exact number has not been disclosed.
Apple's venture into the electric car market, codenamed "Titan," was first unveiled in 2014, although speculations about the company's interest in automotive technology had been circulating for years prior. Despite high expectations, the project has proven to be one of the most costly endeavors for Apple in recent times, with annual expenses amounting to "hundreds of millions of dollars."
Executives within Apple had expressed doubts about the profitability of electric vehicles compared to the company's flagship products like the iPhone. Even with a projected price tag of around $100,000, analysts like Bloomberg's Mark Gurman have suggested that electric cars may not significantly bolster Apple's revenue or market share.
Comments (0)