United States: Apple, the tech giant of the United States, has reportedly halted its electric car project, ‘Project Titan’ after a decade of investing in the technology.
It has been reported that the company will abandon its decades-old project and shift its staff to the AI division. The move has been positively received by the markets.
Apple launched Project Titan 10 years ago at a time when Silicon Valley was abuzz with the promise of self-driving vehicles. It was initially said that it hoped to launch a self-driving vehicle as early as 2024. As a result of a variety of factors, including the COVID-19 pandemic, the progress of this project was hindered.
According to the reports, billions of dollars were invested in research and development to create a revolutionary autonomous vehicle that doesn’t require a steering wheel. However, the plans were scaled down to focus on developing a more conventional car equipped with advanced driver-assistance features. As a result, the firm had to lay off 190 employees from the group in 2019.
Several leading automakers, including electric vehicle (EV) market leader Tesla, have decided to pull back on investments. Some are shifting plans to focus on hybrids instead of fully battery-powered cars, and Apple is not alone in this. Tesla’s CEO Elon Musk responded to news of Project Titan’s cancellation with a tweet featuring a salute and a cigarette emoji.
The electric vehicle sector is facing challenges in the current economic slowdown. With the rise in interest rates, the cost of borrowing has increased, leading to a lower demand for expensive electric vehicles. As a result, the industry has been forced to cut jobs and reduce production to cope with the situation.
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