Bloomberg analyst Mark Gurman, citing industry sources, reported that Apple has stopped working on the electric car it had been trying to create since 2014. The journalist spoke about the reasons for the company’s decision and also revealed some details about the failed project.
Apple electric car concept design
The electric car, codenamed Project Titan, was designed by a team of 2,000 people led by Chief Operating Officer Jeff Williams and Vice President Kevin Lynch. The day before, according to the source, they announced that work on the electric car had been completed. Some employees will be transferred to the Apple division working on artificial intelligence under the leadership of John Giannandrea, and some will be fired.
Initially, the car was planned to be equipped with an “autopilot”, voice control function and a limousine-style interior. The company later reduced the requirements for the driver assistance system from level four to level two. According to Gurman, the decision to close Titan was largely influenced by the fact that the electric vehicle market was no longer showing expected growth.
Apple electric car concept design
According to the journalist, in recent months, high prices and a lack of charging stations have discouraged mainstream buyers from switching to all-electric vehicles. In addition, in the US, electric cars are gradually becoming cheaper, while hybrids, on the contrary, are gaining popularity. In light of this, the estimated price of the Apple car at $100,000 makes it potentially unprofitable.
Apple shares reacted by rising prices by 1% after the Bloomberg publication , and Elon Musk posted a post on X with an emoticon, ironically welcoming the decision of his failed competitor.