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Apple Cancels Its Electric Car in Favor of AI, Vision Pro

Feb 28, 2024 - bloomberg.com
Apple Inc. has decided to abandon its plans for a self-driving car, a move that could cost the company billions in potential revenue. The decision, which was announced to employees on Tuesday, comes after months of intense discussions between top executives and the company's board. Some of the staff from the car project have been reassigned to work on Apple's AI efforts.

The company hopes that other major projects, such as generative AI and mixed-reality headsets, will compensate for the loss. The news was delivered to the approximately 2,000-member team by Chief Operating Officer Jeff Williams and project head Kevin Lynch in a meeting that lasted less than 15 minutes.

Key takeaways:

  • Apple Inc. has abandoned its plans for a self-driving car, giving up potential billions in revenue.
  • The company hopes that other projects, such as generative AI and mixed-reality headsets, can compensate for this loss.
  • The decision to wind down the car project was announced to employees on Tuesday, with some staff being reassigned to AI efforts.
  • The announcement was made by Chief Operating Officer Jeff Williams and project head Kevin Lynch to the approximately 2,000-member team in a meeting that lasted less than 15 minutes.
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