{"id":2188074,"date":"2024-02-27T18:23:03","date_gmt":"2024-02-27T23:23:03","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/apple-cancels-work-on-electric-car-source-says\/"},"modified":"2024-02-27T18:26:19","modified_gmt":"2024-02-27T23:26:19","slug":"apple-cancels-work-on-electric-car-source-says","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/apple-cancels-work-on-electric-car-source-says\/","title":{"rendered":"Apple has reportedly halted electric car development"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">14<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fapple-cancels-work-on-electric-car-source-says%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2188074&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<h2>Apple Cancels\u2062 Electric Car \u2063Project After a Decade<\/h2>\n<p class=\"timestamp\">February 27, 2024 \u2013 1:03 PM PST<\/p>\n<figure class=\"wp-block-image size-full\"><figcaption class=\"wp-element-caption\">FILE PHOTO:Apple logo at an Apple\u200d store in Paris<\/figcaption><\/figure>\n<p>(Reuters) \u2013 In a surprising move, Apple (AAPL.O) has decided to halt its ambitious electric car project, according to a source familiar\u200c with the matter. This decision comes\u2064 ten years after the tech giant first embarked on \u200dthe venture.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-3\" style=\"min-width: 320px; min-height: 50px; text-align: center;\">\n<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-3'); });  \t<\/script>\n<\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>Despite this setback,\u2062 Apple&#8217;s stock saw a 0.7% \u200cincrease in afternoon \u200btrading, \u200drecovering from\u200b earlier losses.<\/p>\n<p>According to Bloomberg News, several employees from the \u2062electric car project will be\u2063 reassigned to Apple&#8217;s artificial intelligence (AI) division. This shift in focus was first reported by\u2064 the \u2062news outlet.<\/p>\n<p>When approached for comment, Apple declined to provide any further information.<\/p>\n<p>The electric\u200b vehicle \u200bindustry has been\u200c facing\u2064 challenges due\u2064 to high interest rates aimed at curbing inflation. This has resulted \u2064in\u200d a decline in consumer demand\u2064 for expensive electric cars, leading to job cuts and reduced production across the industry.<\/p>\n<p>Even major \u200cautomakers like Tesla (TSLA.O), the leader in the electric vehicle market, have scaled back their investments, \u2063with \u2062some redirecting their efforts towards hybrid vehicles instead of fully battery-powered cars.<\/p>\n<p>Apple&#8217;s Project Titan, as the \u200belectric car initiative was internally known, was launched a decade ago amidst the growing interest in self-driving vehicles in Silicon Valley.<\/p>\n<p>In 2020, \u2064Reuters reported that Apple was considering releasing its own electric vehicle by 2024 or 2025.<\/p>\n<p>However, progress on\u200c the project had \u2062been inconsistent even before the COVID-19 pandemic disrupted the global automotive industry.<\/p>\n<p>In 2019, Apple laid off 190 employees from the project group after reevaluating its software approach.<\/p>\n<p>The design of the concept vehicle also underwent changes, shifting from a radical, autonomous car without a\u200d steering wheel to a more conventional car with \u2063advanced driver-assistance features.<\/p>\n<p><sup>Reporting by Shivansh Tiwary and \u2063Stephen Nellis; Additional reporting by Abhirup Roy; Editing by Pooja Desai<\/sup><\/p>\n<\/p>\n<div id=\"rc-widget-10bad2\" data-rc-widget data-widget-host=\"habitat\" data-endpoint=\"\/\/trends.revcontent.com\" data-widget-id=\"278641\"><\/div>\n<p class=\"dpsp-share-text\" style=\"margin-bottom:10px\">Share this post!<\/p>\n<\/div>\n<div class=\"entry-content\">\n<p>A <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/rfk-jr-secures-amount-of-signatures-required-to-appear-on-georgia-and-arizona-ballots\/\" title=\"RFK Jr. meets signature requirements for Georgia and Arizona ballots\">shelter\u2064 housing illegal immigrants<\/a> in San Diego shuts down \u2063due to lack of funding, forcing\u2064 the Border Patrol to drop them off at public transit centers.<\/p>\n<\/div>\n<div class=\"entry-content\">\n<p>The <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/tom-norton-on-u-s-cyber-security-and-potential-homeland-threats\/\" title=\"Tom Norton discusses U.S. Cyber Security and Homeland Threats\">latest phone outage sparks concern<\/a> over a\u2062 national cyber-attack which could hit our nation sooner than we think.<\/p>\n<\/div>\n<div class=\"entry-content\">\n<p>Joe Biden could have a tough time winning\u2062 Michigan\u2019s primary, as Democrats could vote uncommitted.<\/p>\n<\/div>\n<div class=\"entry-content\">\n<p>Utah Senate\u2062 Candidate Trent Staggs lays out his plan to drain the swamp and solidify the Republican Party\u2062 around Donald Trump.<\/p>\n<\/div>\n<div class=\"entry-content\">\n<p>Apple has canceled work on\u2062 its electric car, a source\u2062 familiar with the matter told Reuters on Tuesday, a decade after the \u2062iPhone maker \u2062kicked off the project.<\/p>\n<\/div>\n<div class=\"entry-content\">\n<p>Bitcoin \u2063hit a\u2063 two-year high on Tuesday, on track\u200b for its biggest two-day rally this year.<\/p>\n<\/div>\n<div class=\"entry-content\">\n<p>February 27, 2024 \u2013 3:08 AM PST (Reuters) \u2013 Buoyed by the successful launch of U.S. bitcoin exchange-traded funds (ETFs), asset managers are lining\u2026 <\/p>\n<\/div>\n<div class=\"entry-content\">\n<p>Streaming subscriber growth in the U.S. is showing signs that the boom might be over for the industry.<\/p>\n<\/div>\n<p> <\/p>\n<h2> What impact does the cancellation of Apple&#8217;s\u200b electric car project have on the company&#8217;s stock and investor confidence<\/h2>\n<p><span>  Advanced \u200dtechnology to a more conventional electric vehicle design with self-driving capabilities. This change in direction signaled a more cautious and \u2064pragmatic approach from Apple.<\/p>\n<p>The decision to cancel the electric\u2063 car project\u200b comes as a surprise considering the hype and anticipation it generated over the past decade. Apple&#8217;s reputation for innovation and cutting-edge technology made the idea of an Apple-branded \u2062electric vehicle highly intriguing.<\/p>\n<p>While the exact reasons for the cancellation have not been disclosed by Apple,\u2063 industry\u2062 analysts speculate that the challenging market conditions and\u2062 increased competition could have played\u200b a role. The electric vehicle industry has \u2064experienced a slowdown in recent years, \u2062with governments implementing stricter emission \u2062standards and incentives for electric vehicles. Additionally, the COVID-19 pandemic further disrupted the automotive industry, affecting supply chains and consumer demand.<\/p>\n<p>Apple&#8217;s\u200b decision to shift its focus to its artificial intelligence division indicates the company&#8217;s desire to capitalize on the growing trend of AI technology \u2062in various industries. With \u200badvancements in AI, Apple could explore opportunities in autonomous driving systems or other AI-driven applications.<\/p>\n<p>Despite the cancellation of the electric car project, Apple&#8217;s stock showed a slight increase in trading, indicating investor confidence \u200din the company&#8217;s ability to adapt and innovate in\u2064 changing market conditions.<\/p>\n<p>The cancellation of Apple&#8217;s electric car project also\u2063 reflects\u200c a broader trend in the industry, as other automakers, such as Tesla, have scaled back\u2064 their investments in fully battery-powered cars. This shift towards hybrid vehicles showcases the challenges and\u2063 uncertainties\u2064 surrounding the electric vehicle market.<\/p>\n<p>Apple&#8217;s Project Titan may be seen as\u200b a\u2062 missed opportunity for the \u2064company to disrupt the automotive industry with \u2062its unique design and innovative technology. However, the decision to cancel the\u200c project allows Apple to focus its resources on other\u200c strategic areas, such as AI, where it can leverage its expertise and create potential \u200bnew revenue streams.<\/p>\n<p>Overall, the cancellation\u200c of Apple&#8217;s electric car project marks the end of a decade-long endeavor and highlights the complexities and evolving nature of the \u2064electric vehicle industry. It serves as a reminder that even \u200btech giants like Apple face\u2064 challenges and setbacks in their pursuit of innovation and market dominance.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Apple has reportedly halted development of its electric car, according to a source. The project, which began ten years ago, has been canceled. Apple&#8217;s shares rose by 0.7% following the news<\/p>\n","protected":false},"author":1911,"featured_media":2188075,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/c3.oann.com\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportTechnologyNews\/tagreuters.com2023binary_LYNXMPEJ8C08P-BASEIMAGE.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-2188074","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/c3.oann.com\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportTechnologyNews\/tagreuters.com2023binary_LYNXMPEJ8C08P-BASEIMAGE.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2188074","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1911"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2188074"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2188074\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2188075"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2188074"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2188074"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2188074"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}