Technology

Apple Hits the Brakes: Electric Car Project Put on Ice

Apple Puts Plans for Own Electric Car on Ice – Insiders Reveal Unexpected Strategic Shift in the Company.

Eulerpool News Feb 28, 2024, 8:00 AM

Apple has reportedly decided to halt the development of its own electric car. The approximately 2000 employees of the project were surprised on Tuesday by the sudden announcement, according to the news agency Bloomberg. The future tasks of these employees will now focus on the field of artificial intelligence, report informed individuals. Apple has so far not commented on the report, as usual, the company remains tight-lipped about potential new products.

Rumors have been circulating for years about Apple's car project. According to reports, the company had already shown prototypes of the car to automotive industry partners some time ago. However, it was later decided to focus first on the development of software for autonomous driving. Until now, it was only known that Apple had been sending converted test vehicles onto the roads in Silicon Valley. Former Tesla manager Doug Field, who was responsible for Apple's electric car project, has since moved to Ford Motor and is now heading their electric vehicle business.

Roughly a month ago, Bloomberg reported that Apple had scaled back its ambitions for the electric car project and had set its sights on a market launch for the year 2028. Instead of a completely autonomous driving car, the iPhone company apparently wants to focus on driver assistance functions, as sources familiar with the situation emphasize. Thus, Apple would not have been the first electronics company with its own car. Sony is planning to launch an electric vehicle called "Afeela" with Honda Motor in 2026 and is already presenting the model in the United States.

On the stock exchange, the Apple share briefly shows an increase of 0.99 percent to 182.96 US dollars in trading on the NASDAQ technology exchange.

Apple's decision to halt the development of the electric car is a setback for the speculations and expectations surrounding the project. Nevertheless, the US company continues to show interest in the area of electronic mobility, as evidenced by the focus on artificial intelligence and driver assistance features. Whether and in what form Apple will enter into car production in the future remains to be seen.

Discover undervalued stocks with Eulerpool.

News