Apple Pulls the Plug on its Electric Car Project After a Decade

Apple has recently ended working on its electric car project Titan, as per a report by Bloomberg. In a short meeting on Tuesday, executives announced that the company is going to shift the employees to other generative AI projects. It took around 10 years of development, and multiple changes in the direction, and Apple has now finally stopped its project.

Hundreds of employees were working on this project. Some of the employees who were working on the self-driving features will be shifted to other AI-generative projects. At the same time, others who were working on other different aspects had no clues for further. As per the report of Bloomberg, layoffs are likely to happen but we cannot specify the numbers as of now.

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Apple started working on its project Titan back in 2014 and it was expected to be delivered somewhere around 2028. Meanwhile, Apple has made several changes in the development of the projects.

With the release of “Project Titan” Apple wants to release the competition of Tesla in the market with a fully automated driving experience. Around 1500 employees were still being involved with this project. The workers who are not being shifted to AI projects will have the time of around 90 days to find other projects in the company, otherwise, the company will let them go with the kill of the project.

The senior executives of Apple announced the news to the team in a meeting of around 12 minutes. As per the employees, they did not take the questions of the team. They had made this decision as the leaders of Apple were worried that this project would not gain the profit they were hoping for. They might have to face high startup costs and less profit margin with the release of this project.

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The investors are happy with the decision of Apple Kills Its Electric Car Project. The stocks of Apple increased by 1.2 percent after the release of this news. The stock of Apple reaches $188.37 at 2.33 pm in New York. The CEO of Tesla has celebrated this news on X(formerly Twitter). He has posted a saluting emoji on his account with a cigarette.

The senior analysts of Bloomberg are saying that Apple is now shifting their focus to generative AI. The company has recently also launched its Apple Vision Pro headset. Also, the company is heavily investing in other areas spending around $113 billion in total over the five years.