Reports: Apple Abandons Electric Car Project
According to multiple media reports, Apple has abandoned its long-running efforts to develop electric cars, marking the end of a project that was expected to revolutionize the automotive industry.
According to a Bloomberg report, the company’s startup announced that many employees involved in the project called “Project Titan” will transfer intelligence to Apple’s department about people who know about the problem. CNN has reached out to Apple (AAPL) to verify these claims.
The decision is due to weak sales of electric vehicles (EVs), leading many major auto companies to evaluate their return on investment and reduce prices. Instead, there is a rise in artificial intelligence (AI), and Apple’s shift in resources could help narrow the gap to rivals like Microsoft and Google, which are leading this new technology. Susannah Streeter, chief financial and marketing officer at UK investment platform Hargreaves Lansdown, said that investors were interested in investing in electric cars, and Jiceer emphasized the importance of Apple being ahead of the curve in technology development to justify its value. good merchandising of its products and the importance of AI research for its future products.
The company announced as early as 2014 He began specializing in automobiles at some point and in April 2017 received permission from the California Department of Motor Vehicles to test driverless cars. It acquired Drive.ai in 2019. began to specialize in driverless cars. Additionally, in 2021, Apple hired a former BMW executive who plays a key role in the German automaker’s electric car plans.
Apple has also been awarded several driving patents, including one for a virtual reality system designed to reduce side effects and another for real-time glass tint changes.
Extensive predictions from experts suggest Apple will look to collaborate with existing car companies to provide car functions, driverless cars or other technologies
Tesla Exec Elon Musk predicts Apple in tough times in 2020 He wanted to sell his electric car company to Apple, but Apple CEO Tim Cook rejected this meeting.
In the same year, Morgan Stanley analysts claimed that Apple Cars could change the automobile and mobile phone industry and affect the mobile phone industry, just like the iPhone, in the next few years.
Although the company appears to have given up on its desire to enter the competitive electric car market, one of its key partners sees huge potential. Foxconn, best known for producing iPhones, is also diversifying into electric cars, which are expected to start selling this year. Foxconn CEO Liu Yang recently emphasized the need to reform the electric car business model.
