Earlier this month, 200,000 people were loyal enough to the Cult of Apple to shell out $3,500 for the unproven Vision Pro headset. How many would be willing to splash out 30 times that amount for an Apple Car? We will never know.
The Californian tech giant has terminated 'Project Titan', its internal electric vehicle initiative, reports Bloomberg. The Apple Car was greenlit in 2014, when EVs were underestimated and thought of as a novelty, and Tesla's market cap was 5% of what it is today. Now EV growth is slowing and competition is fierce.
It’s not known what precisely caused the cancellation of the Apple Car — Project Titan never officially existed, after all. But a significant number of the 2000 people working on the project will reportedly be redeployed to focus on Apple’s artificial intelligence play.
In ditching its EV plans, Apple has lost a prospect for diversifying its revenue stream. Over 52% of its sales came from the iPhone last year, and the new Vision Pro platform is unlikely to nudge those numbers for a few years yet.
