Apple Cancels Electric Car Plan Decides To Redirect Funds To AI Development

Apple eventually abandoned its secret Apple cancels electric car plan. According to foreign media such as the Financial Times (FT) on the 27th (local time), Apple decided to end its electric vehicle plan in order to invest funds in artificial intelligence (AI) development. Recently, amid sluggish demand for electric vehicles, electric vehicle stocks have been performing poorly, and there have been reports of abandonment of the electric vehicle plan.

Citing sources, the FT reported that Apple has abandoned its electric car plan, known as ‘Project Titan’. It was a plan that was being promoted as part of a plan to diversify products after the iPhone, but Apple has never officially confirmed this plan. They have unofficially been planning an electric vehicle for 10 years but have now given up on the plan. Looking at the recent sluggish trend of the electric vehicle market contrary to expectations, it appears that the company has decided that there is no reason to take risks and develop electric vehicles that would cost a huge amount of money.

Tesla, a leading electric vehicle company, was concerned last month that sales would slow this year due to slowing demand, high interest rates, and intensifying competition. Additionally, Ford and General Motors (GM) have put their electric vehicle expansion plans on hold in recent months. Apple is expected to redirect the money spent on electric vehicle development into AI development. There is a possibility that Apple’s stock price, which is struggling as it is the only one of the Big 7 that has not released a specific AI plan, will provide an opportunity for a rebound.

While Samsung Electronics has already released an AI smartphone and Google is also about to release an AI smartphone, Apple’s iPhone also appears to have decided that money and effort are needed to convert to a smartphone. Apple’s stock price rebounded for a long time on the news that it decided to quit electric vehicles and invest in AI. It closed at $182.63, up $1.47 (0.81%). Apple’s stock price has fallen 5.14% this year.

See More:

Nexon Splitting Up Acquisition Of All Shares In The Joint Venture

NCSoft Director Remuneration Limit Increased From 20 Billion To 15 Billion Won

Apple Car Is Eventually Given Up Apple’s Humiliation AI Competition Falls Behind

Find Allies In The AI ​​Era Samsung, SK, LG Compete To Build A Global United Front