Apple cancels work on electric car, source says
Feb 27 (Reuters) - Apple (AAPL.O), opens new tab has canceled work on its electric car, a source familiar with the matter told Reuters on Tuesday, a decade after the iPhone maker kicked off the project.
High interest rates to tame inflation have soured consumer sentiment and led to a slowdown in demand for usually pricier electric vehicles, prompting the industry to cut jobs and reduce production.
Several major automakers, including EV market leader Tesla (TSLA.O), opens new tab, have decided to pull back on investments, with some shifting plans to focus on hybrids instead of fully battery-powered cars.
https://www.reuters.com/technology/...taff-ai-project-bloomberg-reports-2024-02-27/
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