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.