Satori fund senior portfolio manager Dan Niles talks about Apple’s prospects in 2024 on The Claman Countdown.
Apple is reportedly abandoning efforts to build an electric car after spending nearly a decade and billions of dollars on the project.
Citing people familiar, Bloomberg reported that Apple announced internally Tuesday that it was canceling its EV endeavor, dubbed Project Titan, surprising the nearly 2,000 employees that have been working on it.
Apple has reportedly scrapped its secretive EV project after nearly a decade. (Smith Collection/Gado / Getty Images)
The outlet said some of the workers would be redirected to focus on Apple’s generative artificial intelligence division, while others will be laid off.
Apple did not immediately respond to FOX Business‘ request for comment on the report.
| Ticker | Security | Last | Change | Change % |
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| AAPL | APPLE INC. | 182.63 | +1.47 | +0.81% |
Rumors have swirled for years that Apple was trying to build an autonomous electric taxi in an effort to take on EV giant Tesla. According to The Verge, initial reports about the secretive project emerged in 2015.
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| Ticker | Security | Last | Change | Change % |
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| TSLA | TESLA INC. | 199.73 | +0.33 | +0.17% |
Apple CEO Tim Cook confirmed in 2017 that the iPhone-maker was working on autonomous systems that could have applications in the self-driving car segment.
CEO Tim Cook arrives as people stand in line to purchase the Apple Vision Pro headset at the Fifth Avenue Apple store on Feb. 2, 2024, in New York City. Cook acknowledged years ago that the iPhone maker was working on autonomous vehicle technology. (Michael M. Santiago / Getty Images)
In an interview with Bloomberg at the time, Cook said the effort was “the mother of all AI projects… probably one of the most difficult AI projects.”
That year, Apple obtained a permit from the state of California to test vehicles equipped with self-driving equipment on public roads.
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But ultimately, top executives decided earlier this month to scrap the project after it reached a “make-or-break point,” Bloomberg reported Tuesday.
