2024-03-05 17:16:08 ET
Summary
- Apple is winding down its Project Titan, its electric vehicle project, impacting around 2,000 employees.
- The EV space is highly competitive, with shrinking margins, making it difficult for Apple to maintain its outstanding profitability.
- Apple's outreach in the automotive industry is already strong through its CarPlay app, which has the potential for monetization and revenue growth.
Introduction
A decade of rumors and sneak peeks has come to an end as news came out that Apple ( AAPL ) is canceling its Project Titan, the Apple electric car . Around 2,000 employees have been told they will either be redeployed to the Machine Learning and AI unit, while others will be laid off. This will surely impact Apple's financials almost immediately, leading to savings of roughly $1 billion per year....
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For further details see:
Apple Cancels Its Car Project: Good Or Bad News?