AssetID: 53520079
Headline: UNCAPTIONED: Apple Abandons Electric Car Efforts, Reports Say
Caption: Apple Abandons Electric Car Efforts, Reports Say. Apple's electric vehicle (EV) project, known to insiders as "Project Titan," has reportedly come to an end, according to CNN. Employees who were working on the project, which has likely been in development for at least 10 years. will reportedly transfer to Apple's AI division. "The tech giant is following a trend, with investors’ enthusiasm for electric vehicle investments waning, amid the frenzy for all things AI." "It’s vital that Apple stays one step ahead in developing the tech people crave, to justify its products’ high price points, so fully exploring the opportunities AI presents for its future ranges is essential." Susannah Streeter, head of money and markets at U.K.-based investing platform Hargreaves Lansdown, via CNN. While Apple never officially confirmed its EV aspirations. it obtained several vehicle-related patents and hired automotive executives over the years, among other things. In 2020, Elon Musk even said that he once tried to sell Tesla to Apple. Meanwhile, iPhone manufacturer Foxconn revealed plans to produce EVs. with CEO Young Liu telling CNN that the business model for such vehicles "should be reinvented”. THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: Apple
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