Apple scraps decades-long multibillion-dollar electric car project

Apple Inc. has scrapped its electric car project after a decade-long, multi-billion-dollar effort to rival Tesla.

As per a Bloomberg report, the move marks the end of Project Titan, one of the most significant and ambitious projects in the company's history.

The decision was internally disclosed by Chief Operating Officer Jeff Williams and Vice President Kevin Lynch on February 27, leaving nearly 2,000 project employees stunned, the report said.

The company had only a few years ago considered developing an entirely self-driving car with no steering wheel and a wrap-around seat interior like a limousine.

Although Apple did not formally announce its plans to offer a car, the project was a source of intense speculation among the automotive and tech industries. The company hired executives from marquee car companies such as Lamborghini and Tesla to oversee its development, and acquired the autonomous vehicle startup Drive.ai in 2019.

Despite the surprising move, the investors responded positively to the news, causing a 1.2 percent increase in Apple's stock, reaching $183.37 at 2:33 pm in New York after Bloomberg reported the development.

The company’s plans for an electric car have repeatedly shifted since it started devoting resources to the concept in 2014. The attempts to bring a product to market faced numerous setbacks since then, however.

Apple laid off dozens of employees connected to the project in a 2016 restructuring, and the key executive in charge of the project defected to Ford in 2021.

Earlier this year, Bloomberg reported that Apple’s estimated release date for the car had been delayed until at least 2028.