APPLE HAS ABANDONED THE ELECTRIC CAR PROJECT
- Apple $AAPL+0.6% is cancelling its team working on electric cars, as reported by Bloomberg.
- The news signals the end of Apple $AAPL+0.6%'s secret effort to develop a car to compete with Tesla.
- Ambitions to build the car first surfaced in 2014, but now the project is being halted.
- Apple $AAPL+0.6%'s total research and development spending in 2023 will reach approximately $30 billion, a 14% increase from the previous year.
- For me, this was a project that was too shrouded in mystery and I honestly didn't expect much from it, what's your take on it investors?
I think it's a reasonable step. They did put some money into it, but they won't have to pay the people who worked on it anymore.
They probably figured out a better option. I'm curious to see what they come up with, and where they'll pour those costs.😉
This is great, I'm not happy with what they've crammed into it but personally I didn't like it much, the car industry is very competitive and it strikes me as stupid for a company that's already top in something to try and develop something it just is and will be quite behind in. I like that they are starting to mention AI more now.