There has been talk about Apple’s electric car project since 2014. It was then that the iPhone manufacturer created a special design team that included, among others, automotive engineers and other automotive industry specialists. In 2020, Apple was considering releasing its electric car in 2024 or 2025, but progress was not satisfactory even before the outbreak of the pandemic. Now, after years of efforts, the American giant has officially announced its withdrawal from the project.
Apple gives up on the electric car. 10 years of work were wasted
The company’s chief operating officer, Jeff Williams, and Apple’s vice president, Kevin Lynch, announced their resignation from work on the electric car. As reported by the portal, the company’s representatives said that Apple has started treating work on artificial intelligence as its priority. Therefore, some of the people who worked on the project will be transferred to the AI department.
“If true, Apple will increase its focus on GenAI, which should give investors more optimism about its ability to compete in AI,” said Ben Bajarin, CEO of consulting firm Creative Strategies. It is not known whether the remaining people who worked on the car project will find work in other areas of the concern.
Apple is in trouble. The demand for the company’s products is falling rapidly
It is worth emphasizing that the abandonment of the Apple electric car was announced at a time when most global car manufacturers are limiting investments in electric vehicles due to falling demand, Reuters pointed out. What’s more, it turns out that Apple is struggling in other areas as well. As Reuters pointed out, iPhone sales, the company’s main source of revenue, began to see a slowdown in growth. This was due to the giant’s rivals introducing phones with similar specifications and at competitive prices.
Due to the decline in demand, sales of iPad and Mac computers also fell. Last year’s growth in the company’s shares was the lowest among the so-called Magnificent Seven, and at the beginning of 2024, Microsoft overtook Apple as the most valuable company in the world.
Source: Gazeta
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