Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Apple pull the plug on self-driving electric car project

by February 28, 2024
February 28, 2024
Apple pull the plug on self-driving electric car project

Apple has reportedly decided to cancel its plans to develop electric vehicles (EVs), a project that has been in the works for around a decade.

The company, known for its iPhone and other consumer electronics, had been rumoured to be working on the project involving approximately two thousand employees, but it has never publicly acknowledged it.

According to Bloomberg News, many employees from the project will now be reassigned to Apple’s artificial intelligence (AI) division. The team working on the Apple car project, internally known as the Special Projects Group under CEO Tim Cook’s Project Titan, had initially focused on developing a fully autonomous vehicle without a steering wheel and pedals, investing billions of dollars in research and development.

“This is a smart and long-awaited decision,” commented Ray Wang, founder and CEO of Silicon Valley-based consultancy Constellation Research. “The market demand for EVs is not there, and AI is where all the action is.”

Apple’s exploration of opportunities beyond its traditional products, such as the iPhone and computers, includes ventures like the recently launched Vision Pro virtual reality headset. Meanwhile, the market for AI in consumer electronics is experiencing significant growth, according to research firm Counterpoint.

The decision to halt the EV project comes amid a challenging landscape for the automotive industry. Demand for EVs has slowed, borrowing costs remain high, and competition among major players intensifies. Both Ford and General Motors in the US have delayed plans to expand EV production, and electric truck maker Rivian recently announced workforce reductions and projected no growth in production for the year.

Even Tesla, led by Elon Musk, has faced challenges, including weaker sales growth projections for the year compared to 2023. The company has responded by reducing prices in key markets globally, facing tough competition, particularly from Chinese rivals like BYD.

Elon Musk’s response to reports of Apple’s decision on the EV project, posted on the social media platform X (formerly Twitter), consisted of emojis depicting a salute and a cigarette.

Read more:
Apple pull the plug on self-driving electric car project

0
FacebookTwitterGoogle +Pinterest
previous post
HMRC customer service deteriorates to “all time low”
next post
Tata confirms Somerset will host £4bn battery factory

You may also like

Trump’s proposed tax changes could sharply raise costs...

May 21, 2025

From Health Gains to Wallet Wins: The Life-Changing...

November 7, 2024

Asda Named Most Expensive Supermarket Fuel Retailer in...

June 5, 2024

BGF leads £17.3m investment in Sunswap to accelerate...

August 26, 2024

Revolutionising Education: Creative Applications of Technology in Learning

February 13, 2024

 BGF backs Leeds-headquartered Primary Care Physio in £8.25m...

September 4, 2023

Zendo Energy raises £1.75M to help data centres...

May 12, 2025

Finding clarity in your business

July 20, 2024

NatWest to close a further 43 UK bank...

October 13, 2022

Inflation fuels sharp rise in businesses going bust

January 17, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump ally stands firm against ‘big, beautiful bill’ despite pressure: ‘It’ll completely backfire’

      June 8, 2025
    • Rubio condemns assassination attempt on Colombian presidential candidate Miguel Uribe

      June 8, 2025
    • Obama WH physician says Biden doc should have performed cognitive test

      June 8, 2025
    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,571)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved