Apple announces the termination of its decade-long electric car project


Apple Inc. has decided to cancel its decade-long electric vehicle development project, which will affect the job placement of nearly 2000 employees involved in the project.

Noted technology journalist Mark Gurman broke the news in the early hours of Wednesday, Beijing time, that Apple has decided to cancel its decade-long electric vehicle development project. This significant announcement sparked heated discussions online, with many netizens supporting Apple's decision, seeing it as a wise move based on current technology trends.

It's understood that the decision was announced by Apple's COO Jeff Williams and the vice president in charge of the electric car project, Kevin Lynch, during an internal meeting on Tuesday. This will affect the job arrangements of nearly 2,000 employees involved in the project. Official sources indicate that some employees will be transferred to the company's machine learning and generative artificial intelligence departments, marking Apple's increased investment in what is seen as a crucial development area for the future.

The Apple electric vehicle project, codenamed "Titan", was initiated in 2014 with the aim of launching an autonomous electric vehicle. However, since its inception, the project has faced numerous challenges, including several strategic redirections and leadership changes. According to internal sources, Apple considered pricing its car in the $100,000 range but was concerned about whether this pricing strategy could maintain its high-profit margins.

Apple's strategy adjustment reflects its acute response to current technology trends, especially considering the rapid development of generative AI technology in recent years. Although Apple chose not to comment on the decision, its stock price rebounded after the news was released, rising more than 1.5% from Tuesday's midday low, and ultimately closing with an increase of about 0.8% at $182.63, valuing the company at $2.8 trillion. This shows investors' endorsement of the company's strategic direction adjustment.

Industry analysts point out that Apple's move not only signifies the company's exit from the highly competitive electric vehicle market but also marks a shift in resources and attention towards the AI sector, particularly the research and development of generative artificial intelligence technology. Breakthroughs in this area and the potential for applications are considered to be one of the important directions for future technology development.

Furthermore, Apple's strategic adjustment is also seen as having a significant impact on the competitive landscape of the electric vehicle industry. Especially for its potential biggest competitors, such as Tesla and other electric vehicle manufacturers, which could be a positive signal. However, this also highlights the need for tech giants to continually adjust their strategic directions to maintain competitiveness in the face of rapidly changing market trends.



Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

The End



A dividend is a cash payment or stock distribution by a listed company to its shareholders, representing a portion of its profits.

Related News

Risk Warning

TraderKnows is a financial media platform, with information displayed coming from public networks or uploaded by users. TraderKnows does not endorse any trading platform or variety. We bear no responsibility for any trading disputes or losses arising from the use of this information. Please be aware that displayed information may be delayed, and users should independently verify it to ensure its accuracy.


Contact Us

Social Media