Apple cancels electric car project: Billions of dollars had been spent
Apple has announced the termination of its electric vehicle project, on which it had spent billions of dollars in research.
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Apple has abandoned its electric vehicle project, which was intended to be produced as a rival to Tesla’s EV models, following 10 years of research. Billions of dollars had been spent on the highly confidential research and development efforts.
The vehicle, which was intended to feature autonomous driving capabilities, was seen as Apple’s most important project. With the realization of the project, the technology firm would have entered the electric car market.
According to a report by The New York Times, an Apple employee who wished to remain anonymous stated that the cancellation of the project was communicated to those leading it during a meeting on Tuesday. Undergoing a restructuring, Apple has reassigned employees working on the project to artificial intelligence research. The cancellation of the project was not publicly announced.
Apple had never shared the details of its electric vehicle project with the public. However, tests of the vehicle were being conducted on public roads. This situation led to the project being described as 'Silicon Valley’s worst-kept secret.'
The efforts, referred to as Titan and Project 172, were seen as a new path forward for Apple, which believes the phone market has reached saturation and is seeking new avenues for growth.
According to a report by Bloomberg, the project was cancelled due to Apple’s pessimistic outlook on the electric vehicle market. The expected surge in the electric vehicle market in 2023 did not materialize. Due to reasons such as vehicle batteries malfunctioning in cold weather, short vehicle range, and users not showing the expected interest in electric vehicles, experts expect the market share of electric vehicles to remain low until the 2030s.