SAN FRANCISCO, Tuesday, March 5, 2024- Technology giant Apple has scrapped its electric car project, known internally as Project Titan, according to a source familiar with the matter who spoke with Reuters on February 27, 2024.1
However, Reuters news agency reports that Apple has not responded to its queries.
If true, this decision comes after a decade of development on the project, initially envisioned as a potential breakthrough product similar to the iPhone.
The cancellation signifies a strategic shift for Apple, with the company reportedly planning to reassign a portion of its Project Titan workforce to its artificial intelligence (AI) division. Generative AI, a rapidly growing field with diverse applications, is expected to be a key focus area.
Apple is reportedly shifting resources towards AI development, potentially aiming to compete with tech giants like Alphabet and Microsoft who hold a first-mover advantage in this field. Some analysts believe this move will be well-received by investors.
This news follows a period of slower growth for Apple. The company saw its smallest annual share gain among major tech companies in 2023, and recently relinquished its title as the world’s most valuable company to Microsoft.
Project Titan’s cancellation also coincides with a broader slowdown in the electric vehicle industry. Rising interest rates have dampened demand for electric vehicles, prompting major automakers like Tesla to cut back on investments.
The news report concludes with background information on Project Titan, including its initial ambition for a self-driving car and the project’s challenges over the years.
- reuters: https://www.reuters.com/technology/apple-cancels-work-ev-moves-staff-ai-project-bloomberg-reports-2024-02-27/[↩]
