Apple pulls plug from Apple Electric car project after 10 years, to focus upon Generative AI.
The decision came after lot’s of evaluation and dim prospects on growth from EVs.
After investing around a decade on it’s Apple Electric Car project code named Project Titan Apple has finally decided to pull the plug on it. Touted as one of the most ambitious project one that would have enabled it to enter into a new industry segment. The company had started with firm focus with hiring of executives from companies such as Tesla, Lamborghini, etc. It even acquired autonomous vehicle startup called Drive.ai in 2019. The Apple car project was not without it’s hurdles and had been in turmoil since beginning with leadership changes and strategy.
A decision not without reason:
Even though many are taken aback by this turnaround from Apple it seems the decision had it’s reason in recent trend and long term viability. Recently there has been cooling of EV demands from consumers and growth prospects is not something that Apple might have envisioned. One of the major concerns is still the charging infrastructure and it’s subdued growth. Even Established players like General Motors and Ford are looking more towards hybrid technology for future line-up. Even tesla had acknowledge that the growth this year would be slower.
What next now:
The Apple electric car project a.k.a Titan project involved close to around 2000 employees and as per sources they would be moved to the division that will focus upon Generative AI. Many of the investors have welcomed this news and are relieved that a costly project that might have affected the margins for the company is going to be closed. Not just investors but competitor Tesla executive Elon Musk also welcomed the news on X.
— Elon Musk (@elonmusk) February 27, 2024
Apple continues to meanwhile focus upon other areas, it has recently launched the Apple Vision Pro reality headset. Apple has stated that they are focusing upon on generative AI features that would soon be introduced in their products.