After 10 years of development, Apple abruptly cancels its electric car project
NPR Online NewsFEB 2024
Report: Apple Scraps Self-Driving Electric Vehicle Project
Image copyright: Gary Hershorn/Corbis News via Getty Images
The Spin
Narrative A
After spending billions of dollars and 10 years developing an EV, Apple has smartly cancelled the project as consumer interest in electric cars has declined and competition has increased even as Chinese automakers have made substantial market gains. Moving resources to generative AI will enhance the company and boost investor confidence rather than deplete its resources like the EV project did.
Narrative B
For many, it would have been a dream come true to own an Apple electric car. Up to 34% of consumers, according to a survey conducted a few years ago, would be "extremely" or "very" inclined to purchase a new Apple EV. Consumers were optimistic that an Apple electric car's design would outperform rivals. Unfortunately, the news from the company's Silicon Valley headquarters signals this will sadly remain a dream.