Apple, the maker of the iPhone, has withdrawn itself from the project of building electric vehicles (EVs). Tech analysts have been buzzing about the project for a decade, even though the company did not make any official announcement. News Reuters and BBC.
According to the BBC, Apple is believed to have made this decision due to a decline in demand for driverless electric cars in recent months. However, the 2,000-employee tech giant Apple has never publicly acknowledged the project.
The company was spending billions of dollars on research and development. Meanwhile, Apple is rumored to be developing an autonomous car without a steering wheel or pedals. However, it can be assumed that this EV manufacturing project was at a very early stage.
Apple’s car-making team was known to be part of Project Titan under the company’s chief executive Tim Cook. The project was initially rumored to have Apple working on a fully autonomous car without a steering wheel and pedals.
According to Bloomberg News, many of the project’s employees will be transferred to Apple’s artificial intelligence (AI) division. It’s a smart and long-awaited decision, said Ray Wang, founder and chief executive of Silicon Valley-based consultancy Constellation Research. There is no market demand for electric cars and the key work lies in the AI segment itself.
Last week, electric truck maker Rivian announced it would cut staff. They said they do not expect any increase in production this year. Tesla said in January that sales would decline this year. Led by multi-billionaire Elon Musk, the company has also reduced the price of cars in the market.
