Apple has scrapped its plans to launch a self-driving electric car, according to new reports.
The technology brand never publicly acknowledged the project, but it's believed to have been working on it for the last decade.
Known as "Project Titan", the Apple car was expected to take the form of an MPV-style shuttle.
Apple shared its decision to cancel the project internally, according to Bloomberg. Around 2,000 employees were working on the project.
The resource will now be redirected to the company's AI projects.
Apple has declined to comment on the matter, but it's believed that the decision was made due to low margins the car was expected to deliver in the current market.
Global investment interest in electric vehicles (EVs) is falling. Tesla shares have fallen by 30% this year, Renault recently confirmed it will not float its EV development arm Ampere due to a lower-than-expected valuation and Volkswagen has also delayed its plans to list shares in its battery manufacturing business.
The news from Apple comes just weeks after Volvo confirmed it will stop funding Polestar and is planning to reduce its shareholding in the company.
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Matt has been an automotive journalist for eight years. As senior staff writer he is responsible for the automotive content on Fleet News and also contributes to Automotive Management. Prior to this, Matt worked in the automotive industry for 10 years.
NigelBoyle - 28/02/2024 12:21
This declining EV share seems a media mythe to me. I am sad, but on my commute journey I count green number plates and it is constantly increasing. Many of supplier companies come in with pure EV and there are extra all the time.An EQ8 rolled in replacing a Land Rover only yesterday. The common thread it you would be made not to with the BIK savings!