Apple is probably giving up work on its own electric car – economy

Apple apparently wants to give up its decades-long effort to build an electric car. That’s what they report Wall Street Journal and the news agencies Bloomberg and Reuters, citing unnamed insiders. The project was considered one of the most ambitious in the company’s history. The 2,000 employees involved in the project learned of the decision on Tuesday, the reports say, and, according to an insider, were surprised by the non-public announcement from the company’s management. Apparently some of the affected employees will instead be employed in the artificial intelligence (AI) division. The California-based company declined to comment.

Apple initiated what was internally known as “Project Titan” ten years ago. Original plans for an autonomous car without a steering wheel were later abandoned in favor of a more conventional design. In 2020, the Reuters news agency reported that Apple was targeting a market launch in 2024 or 2025. However, the comparatively high interest rates have led to a decline in demand for electric cars.

Some car manufacturers such as market leader Tesla have reduced investments, others are increasingly relying on hybrid vehicles. In contrast, research and development in AI has taken on a central role for many companies in recent months. Critics see Apple as lagging behind here.