The company, which had been relatively quiet in the AI sector compared to other tech giants, is expected to focus more on its GenAI platform. This move is anticipated to boost investor optimism about Apple's ability to compete in the AI field. The company had previously laid off 190 workers from the car project in 2019 and had been considering releasing a vehicle as early as 2024 or 2025.
Key takeaways:
- Apple has reportedly canceled its electric car project, with several employees from the project being shifted to the company's artificial intelligence division.
- Despite this, shares of the company were up 0.7% in afternoon trading, indicating investor optimism.
- Apple's move comes amid a slowdown in the electric vehicle industry, with high interest rates and inflation souring consumer sentiment and leading to reduced demand.
- Apple had started its car project, known as Project Titan, a decade ago and had considered releasing a vehicle as soon as 2024 or 2025, but progress had been uneven.