Apple Inc., an American multinational technology company has kicked off its electric car project named 'Project Titan,' bringing an end to a decade-long, multi-million-dollar effort that was introduced in 2014.
As per reports, the company, known for its core business in electronics and its flagship product, the iPhone, had invested billions of dollars in Project Titan with the aim of developing an electric semiconductor car to rival Tesla.
The company decision to scrap the Project Titan was internally disclosed by Chief Operating Officer Jeff Williams and Vice President Kevin Lynch on Tuesday, February 27, in an unexpected move. This surprising decision left nearly 2,000 project employees stunned, with anticipated layoffs and the announcement that many would transition to working on generative artificial intelligence, according to reports.
Elon Musk Reaction to the 'Project Titan'
Space X and Tesla CEO Elon Musk on his social media platform X (Formerly Twitter) has responded to Apple's decision to cancel its electric car project. Musk, through his X handle, posted a saluting emoji and a cigarette.
Although the reason behind the cancellation is not known. However various reports suggest that the decision to cancel the project may be linked to the Electric Vehicle Industry experiencing slow growth in recent months. Even the EV giant, Tesla, raised concerns in the last months about flagging demand, high-interest rates, and the increasing competition may contribute to a potential slowdown in sales growth rates for the year.
