However, Apple's quiet approach to AI has raised concerns about its ability to integrate the technology into its products, especially in comparison to tech giants like Alphabet and Microsoft. The cancellation of the electric car project comes as high interest rates have led to a slowdown in demand for electric vehicles, causing the industry to cut jobs and reduce production.
Key takeaways:
- Apple has canceled its electric car project, a decade after it was initiated, due to uneven progress and a decrease in demand for electric vehicles.
- Employees working on the project will be shifted to the company's artificial intelligence (AI) division, indicating a potential increased focus on AI.
- Apple's quiet approach to AI has sparked concerns that it could be behind in integrating the technology into its products, compared to tech giants like Alphabet and Microsoft.
- Despite initial hopes that Apple's car project could replicate the success of the iPhone, the company has also been grappling with a slowdown in growth for its main revenue source, iPhone sales.