Tech giant’s ambitious ‘Project Titan’ hits the scrapyard after a decade of development

In a surprising twist, Apple has pulled the plug on its much-anticipated electric car venture, known as ‘Project Titan’, despite having poured billions into the project over the past decade. The ambitious initiative, which aimed to revolutionize the automotive industry with a self-driving electric vehicle, has been abandoned, leaving approximately 2,000 employees who were involved in the project facing uncertain futures.

Some of these employees will be redeployed within the company, particularly to the artificial intelligence development team, while others face the prospect of redundancy. The project’s cancellation has been met with a mixture of disappointment and relief, with stakeholders breathing a collective sigh of relief at the decision to abandon what was seen as an unrealistic venture for the tech giant.

Dan Morgan, a senior portfolio manager at Synovus Trust and an Apple shareholder, expressed his relief, stating that the car project was always the most far-fetched of Apple’s future initiatives. The project’s feasibility had been questioned by industry analysts, with technology expert Richard Windsor dismissing the idea of Apple selling a car as making “no sense whatsoever,” citing the company’s high gross margins on its products, which would not be achievable with car components.

Despite the significant investment, Apple has struggled to keep pace with electric vehicle frontrunner Tesla Motors, led by Elon Musk, who acknowledged Apple’s withdrawal from the electric car race with a tweet featuring a salute emoji and a cigarette.

The decision to abandon ‘Project Titan’ follows a series of restructuring attempts as Apple grappled with the challenges of developing the vehicle. There were even discussions about acquiring an automotive manufacturer or forming a partnership, but no deal came to fruition.

The tech behemoth’s retreat from the electric vehicle sector coincides with a broader trend of wavering commitment to electric vehicles, as exemplified by Mercedes’ recent announcement that it would be scaling back its pledge to manufacture only electric vehicles by 2030.

As Apple shifts gear away from ‘Project Titan’, the company continues to explore other technological frontiers, including the recent launch of the Apple Vision Pro, an augmented reality headset that promises to redefine the user experience with immersive displays.