Category: Forex News

Apple reportedly cancels its billion-dollar EV project LeapRate

By Published On: March 1, 20241.4 min readViews: 2450 Comments on Apple reportedly cancels its billion-dollar EV project LeapRate

Reports from various sources suggest that Apple (AAPL) has cancelled the electric vehicles (EV) project it has been working on for the best part of a decade. While the company hasn’t yet confirmed this development, it has been widely reported in several major news outlets such as Bloomberg News and the BBC.

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Apple reportedly cancels its billion-dollar EV project LeapRate

Apple is believed to have had 2,000 employees working on the EV project at its height, but has never officially confirmed how far it has got with it. It has now been reported that Apple is still years away from producing a car, which has led to the firm pulling the plug to concentrate on other areas.

The EV work was carried out in the Special Projects Group, which was part of Project Titan run by CEO Tim Cook. Apple’s efforts have been concentrated on producing an autonomous car with no steering wheel, according to some reports.


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It seems that some of the workers will be laid off while others are being moved on to Apple’s AI division. Tesla (TSLA) CEO Elon Musk responded to the news on X with a saluting emoji and a cigarette.

Constellation Research CEO Ray Wang was reported by the BBC to have said that “this is a smart and long awaited decision”. He also pointed out that the EV market lacks sufficient demand and that “AI is where all the action is”.

Meanwhile, Cook pointed out at Apple’s annual shareholder meeting that the company is investing heavily in AI and hinted at a major announcement coming later this year.


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