[Market Trends] Apple Cancels Electric Car Plans | Bloomberg Television

    



📌 Apple's Retreat, Really?

Apple has officially cancelled its ambitious electric car project, Titan, which was in development for over a decade with an investment exceeding $10 billion. The decision, led by executives Jeff Williams and Kevin Lynch, affects about 2000 employees, with some facing layoffs while others are offered positions in different teams, notably in AI and Machine Learning for generative AI products and spatial computing. This marks a rare retreat for Apple from a highly anticipated product category, amidst challenges including changes in project direction and financial considerations. The move reflects a strategic shift towards focusing on promising areas like AI, despite potential long-term risks in the automotive industry.



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