Apple kills plans on building electric vehicles

Apple has announced the termination of its plans to develop an electric vehicle (EV) and the dissolution of the team dedicated to the project, as reported by multiple media outlets.

Rumours surrounding Apple’s venture into the electric vehicle market, aimed at challenging competitors like Tesla (TSLA), have circulated for some time, albeit with intermittent references from senior executives. The decision to abandon the EV initiative, which reportedly employed a substantial workforce, is attributed to its misalignment with Apple’s primary focus on consumer electronics and online services.

Source: Apple

The exact financial investment Apple poured into the EV project remains undisclosed. Speculation regarding Apple’s foray into electric vehicles emerged in 2014 following the recruitment of automotive experts and talent from various car manufacturers worldwide.

The EV division underwent several restructuring phases over the years, including layoffs in 2019, during which affected employees were reassigned to different segments within the company. According to media reports, some personnel from Apple’s EV division might transition to a newly established team dedicated to generative artificial intelligence (A.I.).

Despite shelving its EV ambitions, Apple maintains involvement in other automotive-related endeavors, notably its CarPlay software. Over the past 12 months, Apple’s stock has experienced a 24% surge, currently trading at $182.63 U.S. per share.