The car project, known as "Project Titan," began in 2014 and has seen several changes in direction, from competing with Tesla to creating a fully autonomous vehicle like Waymo. The project's leadership was recently under pressure to deliver a market-ready product. Apple's entry into the automotive sector was expected to provide a new revenue stream to offset slowing hardware sales and regulatory threats to its services business.
Key takeaways:
- Apple is discontinuing its secretive project to build an autonomous electric car, leading to some layoffs.
- Many of the employees who were working on the car project will be shifted to Apple’s generative AI projects.
- The decision comes as major automakers are reevaluating their investments in electric vehicles and amid increased scrutiny on autonomous vehicle projects.
- Apple's car project, known as “Project Titan,” started in 2014 and has pivoted several times over the last decade.