After a decade Apple has permanently stopped work on its electric car according to Bloomberg News, which first reported the story. Originally called Project Titan the project was slated to introduce its first electric car in 2024 or 2025. Apple’s electric car project employees will transfer to the firm’s artificial intelligence (AI) division:
If it is true, Apple will put more focus on GenAI and that should give investors more optimism about the company’s efforts and ability to compete at a platform level on AI,” said Ben Bajarin, chief executive of consulting firm Creative Strategies.
Consumer interest in electric vehicles has been waning due to high interest rates to quell inflation along with the COVID-19 pandemic global supply disruption which have influenced consumer demand negatively.
Apple’s electric car definition has also become more practical over the years:
The design of the concept car also changed, from a radical, steering-wheel-free autonomous vehicle that would have been a departure from traditional automotive design, to a more conventional car with advanced driver-assistance features.
