The electric car project was cancelled by Apple

• l Apple has cancelled its electric car project
• l The current market for electric vehicles is not optimistic

As demand for electric cars dwindled, Apple decided to cancel its electric car project. It’s not just Apple that has been affected by the market; other companies in the electric car market have gradually begun to reduce their investment.

Apple’s new decision

A decade ago, when self-driving cars were taking off, Apple jumped on the bandwagon with Project Titan, and in a 2020 report said it expected to release a car as early as 2024 or 2025. But at present, the staff says that Apple will cancel the electric car program.

Ben Bajarin, CEO of Creative Strategies, stated, “If this is true, Apple will pay more attention to GenAI, making investors more optimistic about the company’s efforts and competitiveness in the field of artificial intelligence platforms.” So far, Apple has not taken any significant steps in the field of artificial intelligence, contrasting sharply with other tech giants such as Alphabet and Microsoft, which have a strategic advantage in integrating this groundbreaking technology.

Some changes

The high-interest rate policy adopted to curb inflation has reversed consumer confidence, resulting in a slowdown in demand for typically more expensive electric vehicles, prompting job cuts and production reduction in the industry.

Even before the outbreak of the COVID-19 pandemic, the development of the electric car market was uneven. Currently, even Tesla has decided to reduce some investments and shift its focus to hybrid vehicles rather than exclusively battery-powered cars.

Also Read:Tesla Accelerates Full Self-Driving Campaign with Pre-Installed FSD Beta