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Baystreet Staf - Wednesday, February 28, 2024
Apple Cancels Plan To Build Electric Vehicles
Apple (AAPL) is ending its plans to build an electric vehicle (EV) and is disbanding the team that had been working on the project, according to multiple media reports.
Apple had long been rumored to be developing an electric vehicle to compete with rival Tesla (TSLA), though senior executives only occasionally referenced the project.
But now the EV project, which reportedly employed thousands of people, is being scuttled because it doesn't fit with Apple's core business of consumer electronics and online services.
It's not publicly known how much money Apple had spent on the development of an electric vehicle.
Reports of Apple's plans to build an EV first surfaced in 2014 after the company recruited automotive engineers and other talent from car companies around the world.
The EV department had several reorganizations over the years, including layoffs in 2019, when employees were moved to different parts of the company.
Media reports say that some Apple employees in the EV division may now move to a new generative artificial intelligence (A.I.) team.
Apple continues to run other automotive-related projects, including its CarPlay software.
Apple's stock has risen 24% in the last 12 months to trade at $182.63 U.S. per share.
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