APPLE PULLED THE PLUG ON ITS ELECTRIC CAR PROJECT

Wed 27 February 2024:

After ten years of investment, US tech giant Apple is apparently abandoning its electric car project to focus more of its resources on artificial intelligence (AI).

Markets reacted positively to the announcement on Tuesday that the ten-year project was halted, with employees shifted to the company’s AI division.

Apple is not just alone. Leading automakers have chosen to reduce their investments, with some refocusing their efforts on hybrid vehicles rather than entirely battery-powered vehicles. Among them is Tesla, the market leader for electric vehicles (EVs). This year, Tesla has predicted declining sales.

The billionaire Elon Musk, the CEO of Tesla, responded to the announcement of Project Titan’s termination with a tweet that included the emojis for a smoke and a salute.

🫡 🚬 https://t.co/f5wn0y95gx

— Elon Musk (@elonmusk) February 27, 2024

Apple kicked off Project Titan 10 years ago, at a time when the promise of self-driving vehicles was all the rage in Silicon Valley. It originally said it hoped to release a self-driving vehicle as early as 2024.

But the project got stuck in the slow lane, hampered by factors including the COVID-19 pandemic.

Billions were reportedly sunk into research and development but plans to create a radical, autonomous vehicle without a steering wheel were scaled down to focus on a more conventional car with advanced driver-assistance features. The company laid off 190 workers from the group in 2019.

The EV sector has struggled to thrive in a slowing global economy. High interest rates have raised the cost of financing, causing a drop in demand for typically more expensive electric vehicles, driving the sector as a whole to slash jobs and decrease production.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

______________________________________________________________

FOLLOW INDEPENDENT PRESS:

WhatsApp CHANNEL
https://whatsapp.com/channel/0029VaAtNxX8fewmiFmN7N22