Apple has ended its in-house attempt to create an electric vehicle. The tech giant has never confirmed any such intentions involving electric vehicles or officially recognized the covert initiative, but for the past ten years, rumors have been circulating that the project employed about 2,000 workers. The project is currently ending, and many employees have been moved to work on artificial intelligence (AI), which is expected to be a major area of innovation in the IT sector in the years to come. According to reports, the iPhone manufacturer invested billions of dollars in the ideas dubbed Project Titan.
Apple cuts down the price
Apple had stated as of the end of 2022 that it will introduce a model with sophisticated self-driving capabilities by 2026. Bloomberg claims that Apple postponed its intentions until 2028 in January. Additionally, Apple cut its projected pricing for the EV from $120,000 to $100,000. According to Gil Luria, a senior software analyst, and managing director at D.A. Davidson & Co., the IT giant entered the industry “because you need to find a new product category that’s big enough to be meaningful when you already lead all the other largest product categories.”
The tech giant has been adding new items to its lineup in recent months. Most notably, it introduced the Vision Pro “spatial computing” headset in the US earlier this month. Recent months have seen a decline in the demand for new electric cars as prices have remained high and economic uncertainty persists. One of the largest producers of electric vehicles worldwide, Tesla, issued a warning in January stating that this year’s sales growth would be slower than that of 2023.
