Apple Abandons Development of 'Apple Car,' Electric Vehicle Project 10 Years in the Making

Apple is reportedly abandoning the development of its self-driving electric vehicle, the 'Apple Car,' which it has been working on for 10 years, according to Bloomberg News citing sources on the 27th (local time).

Sources said that Jeff Williams, Chief Operating Officer (COO), and Kevin Lynch, Vice President, informed about 2,000 employees involved in the project that Apple's electric vehicle research organization, the 'Special Projects Group,' will be disbanded. They also added that most of these employees will be transferred to the artificial intelligence (AI) development department.

[Image source=Reuters Yonhap News]

Apple is known to have planned the development of its first self-driving electric vehicle, the Apple Car, under the name 'Project Titan' since 2014. However, the plan has been delayed due to restructuring and changes in company strategy, and recent reports indicated that the electric vehicle launch date was postponed to 2028.

Despite the news of abandoning Apple Car development, the impact on the stock price appears limited. On the day, Apple's stock closed at $182.63, up about 1% compared to the previous session. It also rose slightly in after-hours trading.