After years of speculation and anticipation, Apple made the shocking announcement to cancel its long-awaited electric car project. The company’s ambitious plan to enter the automotive industry, known as Project Titan, has been the subject of much speculation and excitement since it was first reported in 2014.
This decision comes as a surprise to many, it has left nearly 2,000 employees uncertain about their future with the company. It is reported that a large part of the team will be reassigned to the artificial intelligence division, focusing on generative AI projects. However, layoffs are also expected, leaving many employees in limbo. The news of the project’s termination was shared internally by Apple COO Jeff Williams and Kevin Lynch, COO and VP.
The project, which was initially shrouded in secrecy, gradually gained momentum as Apple hired hundreds of hardware engineers and vehicle designers to work on the project. The company aimed to develop a fully autonomous electric vehicle with high-tech features with voice-guided navigation.
Investors rejoiced at the news, causing Apple shares to trend slightly higher. But many were also anxiously awaiting Apple’s entry into the automotive market, which would have been a major disruption for traditional automotive companies.
The cancellation of Project Titan is a major blow for Apple and a major disappointment for those who follow the company’s projects closely. As the tech giant shifts its focus to AI, it remains to be seen what could have been for Apple in the automotive world.
With information from Bloomberg