The Apple car is the latest casualty in the brutal EV market
Business InsiderFeb 28
Report: Apple Scraps Self-Driving Electric Vehicle Project
The Facts
Apple has reportedly decided to discontinue its electric vehicles (EV) project, reassigning numerous employees to its artificial intelligence (AI) division. The firm had never publicly acknowledged the project.
Apple's Project Titan had reportedly been around a decade with roughly 2K employees. It invested billions of dollars to create a fully autonomous vehicle free of even a steering wheel and pedals.
The Spin
Narrative A
After spending billions of dollars and 10 years developing an EV, Apple has smartly cancelled the project as consumer interest in electric cars has declined and competition has increased even as Chinese automakers have made substantial market gains. Moving resources to generative AI will enhance the company and boost investor confidence rather than deplete its resources like the EV project did.
Narrative B
For many, it would have been a dream come true to own an Apple electric car. Up to 34% of consumers, according to a survey conducted a few years ago, would be "extremely" or "very" inclined to purchase a new Apple EV. Consumers were optimistic that an Apple electric car's design would outperform rivals. Unfortunately, the news from the company's Silicon Valley headquarters signals this will sadly remain a dream.
Nerd narrative
There is a 50% chance the US passenger car fleet will constitute 5% electric cars by May 2028, according to the Metaculus prediction community.
