Apple has shut down its secret long-term project to develop an electric, self-driving vehicle, codenamed Project Titan.
The effort, which involved over 2,000 employees, failed to deliver returns after a decade of work.
As interest in the nascent EV market declines amid economic headwinds, Apple will reassign staff to other projects.
The company is instead focusing its sizable research and development investments into generative AI and new smartphone features to stay competitive.
Industry analysts viewed the decision as prudent given the challenges of breaking into the automotive sector and uncertainties around market demand and autonomous vehicle technology.
Ray Wang, founder and chief executive of Constellation Research said, “This is a smart and long awaited decision.”
He added, “The market demand for EVs is not there and AI is where all the action is.”
Apple had aimed to create a Tesla competitor but struggled to advance beyond early prototype stages over many years.
