According to a report by Bloomberg, Apple Inc. has announced that it has halted all plans related to its autonomous electric vehicle project. This tech giant has invested hundreds of millions of dollars in the Apple Car over the past decade, but ultimately judged the project to be impractical. Apple's COO, Jeff Williams, announced this surprising decision today to about 2,000 employees involved in the project.
With the termination of the Apple Car project, those employees who were part of the car's development will be reassigned to Apple's artificial intelligence department to work on generative AI development. This transition is led by John Giannandrea, the head of the company's AI department. The team, composed of several hardware engineers and car designers, will see some members facing layoffs, while others may be transferred to other departments within the company.
Earlier this year, there were rumors that the Apple Car project had been scaled down, with Apple abandoning the plan to launch a fully autonomous vehicle in favor of developing an electric car with limited self-driving capabilities, expected to be on par with Tesla's technology. Initially, Apple planned to launch this car around 2026, but the project is now completely on hold.
News about the Apple Car was first revealed in 2014, and since then, the project has been fraught with difficulties. Its focus has shifted multiple times, and it has experienced numerous leadership changes due to internal conflicts. In 2021, Kevin Lynch, the head of Apple Watch, took over the project. While he worked to narrow the scope of the project, he still attempted to launch a viable car. Reports from Bloomberg indicate that Apple's senior management decided to terminate the Apple Car project in recent weeks.
The news of Apple canceling its electric car project seems to have had a positive impact on its stock price. Following the announcement, Apple's stock rose, recovering some of the losses from earlier in the day, and increased by 0.7% during afternoon trading, with the stock price reaching about $182.01 around 2:18 PM New York time. This reaction suggests that investors may view Apple's shift from the electric car project to focusing on artificial intelligence and other core areas as a positive strategic move.
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