Apple ditches their EV vanity project.
Wall Street Journal (2/27/24) reports: "Apple has put an end to its decadelong push to build its own electric vehicle, an effort once seen as having the potential to transform the auto industry... The secret group inside the iPhone giant—known internally as Project Titan—has been informed that Apple would be shutting down its efforts in building a car while the company ramps up investments in the area of generative artificial intelligence, a person familiar with the situation said. Some of the employees inside the group will be shifting to Apple’s AI group, while other employees working on car hardware will likely face layoffs... Apple has spent billions of dollars on research and development on the car project."
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"As the COVID shock retreated, we learned that as you scale EVs to 5,000, to 7,000 units a month and you move into the early majority customer, they are not willing to pay a significant premium for EVs."
– Jim Farley, CEO Ford Motor Company
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