Apple Abandons Self Driving EV Initiative

Reports suggest that Apple has decided to abandon its self-driving electric car initiative, approximately a decade after speculation first arose about the tech giant venturing into the electric vehicle (EV) market.

Although Apple has never officially acknowledged this project, it is estimated to have involved around two thousand employees.

According to sources, a significant number of these personnel will be reassigned to Apple's artificial intelligence (AI) division, as reported by Bloomberg News.

The autonomous vehicle project at Apple, internally known as the Special Projects Group under CEO Tim Cook's Project Titan, has been veiled in secrecy. Initially, the company was rumored to be developing a fully autonomous vehicle devoid of a traditional steering wheel and pedals.

Despite substantial investments in research and development, the team was reportedly still years away from bringing a vehicle to market.

Apple, seeking to diversify beyond its iconic iPhone and computers, has been exploring various opportunities.

The recently launched Vision Pro virtual reality headset is one such example. In the context of the current market dynamics, the decision to discontinue the electric car project comes at a time when demand for EVs has slowed down due to elevated borrowing costs.

This has intensified competition among major players vying for customer attention.

Tesla, a prominent electric car manufacturer led by billionaire Elon Musk, recently cautioned that its sales growth in the current year might be less robust compared to 2023.

To stay competitive, Tesla has been strategically reducing prices in key markets worldwide, including Europe and China, where it faces stiff competition from Chinese counterparts like BYD.