Posted 2/28/2024, 2:50:00 PM
Apple Scraps Electric Car Plans After Nearly 10 Years, Shifts Focus to AI
- Apple has halted its plans to develop an electric, self-driving car after nearly 10 years
- The company decided competing in the automotive market was too difficult given well-funded rivals and softening consumer demand
- Apple will shift the 2,000 employees working on the project to focus more on artificial intelligence
- Analysts think dropping the EV project will help Apple improve profit margins and focus resources on more viable opportunities
- Key competitors like Tesla and Chinese automakers are facing increasing struggles with EV profitability and demand