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Apple closes the electric car team and focuses on AI

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Apple closes the electric car team and focuses on AI

Apple abandons his plans for an electric car, unloading one of the most ambitious projects in its history. The agency reports it Bloomberg citing some sources, according to which the communication took the almost two thousand project employees by surprise. They will be asked to focus onartificial intelligence.

The electric car, known as ‘Project Titan‘, was a project to diversify Apple’s production beyond the iPhone and to attempt to compete with Rivian e Tesla. A project so secret that Apple has never confirmed it.

Sales of green cars are slowing down

The abandonment of the electric car dream comes as the electric vehicle market is slowing and Elon Musk warned of slowing sales growth for Tesla this year due to weak demand, high interest rates and growing competition. Ford and General Motors recently suspended their plans to expand electric car production capacity, and last week Rivian announced a 10% cut to its workforce. According to rumors, Apple will use the funds for research into electric cars in artificial intelligence.

All about artificial intelligence

As reported by Bloombergthe team that deals with electric cars, called Special Projects Groupwill be closed and the employees of the dedicated team, composed of several hundred hardware engineers, will be moved to the artificial intelligence division under the leadership of the manager John Giannandrea. Further confirmation that generative artificial intelligence is increasingly important for the company.

The market seems to have welcomed the news, with Apple’s shares rising in the premarket on Wall Street after the afterhours gains (yesterday it closed at +0.81%). According to analysts, the change of direction is positive, because it prevents Cupertino from “entering” a market, that of electric vehicles, which is becoming increasingly complex. Conversely, the potential of artificial intelligence appears to be greater, also in terms of long-term profitability.

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Elon Musk, head of Tesla, also commented, sending a post on X with a couple of ironic emojis: a greeting and a cigarette.

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