Apple Scraps $10B Titan Car Project, Pivots to AI Amid EV Industry Shift
February 28, 2024
Apple has terminated its decade-long $10 billion Apple Car project, Titan, as global electric vehicle demand wanes.
The company is pivoting towards artificial intelligence, investing $1 billion annually in its GenAI initiative.
Despite lagging behind peers in share gains and being surpassed by Microsoft in market valuation, Apple reallocates resources to generative AI.
The tech giant plans to extend its CarPlay app to full car systems, expecting 'next generation' CarPlay compatible cars to launch in 2024.
Apple's exit from the electric car project sparks speculation about its competitive stance in the EV and AV sectors.
Summary based on 91 sources
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Sources
Forbes • Feb 28, 2024
Apple Stock Up On Cancelling 2,000 Employee Electric Vehicle Project
The New York Times • Feb 28, 2024
The Apple Car is Dead, But the Innovation Behind It Lives on
The New York Times • Feb 28, 2024
The Apple Car is Dead, But the Innovation Behind It Lives on
The New York Times • Feb 28, 2024
Behind Apple’s Doomed Car Project: False Starts and Wrong Turns