The cancellation is a rare move by Apple, which generally does not shelve public and high-profile projects in this way, which would impact its share price before the market opens on Wall Street.
The company has invested heavily in the development of new technologies. In the last five years, it spent $113 billion on research and development, but without much success.
The car in which Manzana spent billions of dollars on research, and was intended to be the rival to electric vehicles from teslaincluding autonomous driving features, was surprisingly put on pause by the company of the little apple.
News of the cancellation took investors by surprise, as plans to launch an electric car with autonomous driving capabilities had been in development for almost a decade. In that sense, heApple shares fall about 2% this Wednesday in the pre market.
The company informed employees at an internal meeting Tuesday that it had scrapped the project and that group members They would be reassigned to different functionsincluding Apple’s artificial intelligence division, according to a person informed about the discussion, cited by the American press.
Although Apple had not presented its smart model to consumers, the product had been for many years one of Silicon Valley’s worst kept secrets because it was being tested on public roads. The cancellation is a rare move by Apple, which typically doesn’t shelve public and high-profile projects in this way.
The company has had difficulties in recent years to find new avenues for growth, as its crucial iPhone has saturated the market and people are upgrading their phones less frequently than before.
Apple: the mystery behind the cancellation
Tim Cook, Apple’s CEO, publicly hinted that Apple was interested in entering the automotive space. The company had also been testing hundreds of vehicles equipped with self-driving technology in public for many years. The car, known internally as the Titan and Project 172, was a challenging product to develop, as parts of the division were closed, plans were scrapped and restarted, and dozens of workers were laid off along the way.
The product was important to Mr. Cook’s legacy, as it would have countered the perception that Apple had lost its ability to innovate and introduce the next big thing.. Under Cook’s leadership, the company has introduced a small number of new hardware products, including the Apple Watch, which now leads the smartwatch market; the HomePod smart speaker, which was a flop; and the Vision Pro, the $3,500 glasses he launched this month to rival Meta’s virtual reality headset.
The company has invested heavily in the development of new technologies. In the last five years, it spent $113 billion on research and development, but without much success.
Source: Ambito
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