The two executives told staffers that the project will begin winding down and that many employees on the car team — known as the Special Projects Group,or SPG — will be shifted to the artificial intelligence division under executive John Giannandrea. Those employees will focus on generative AI projects,an increasingly key priority for the company.
The Apple car team also has several hundred hardware engineers and vehicle designers. It’s possible they will be able to apply for jobs on other Apple teams. There will be layoffs,but it’s unclear how many.
Apple,based in Cupertino,California,declined to comment.
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The move came as a relief to investors,who sent Apple shares climbing after an earlier decline. The stock was up about 0.7 per cent in late trade after Bloomberg reported the news.
Elon Musk,head of Tesla,also celebrated the move. He sent a post on X with a saluting emoji and a cigarette.
The decision to ultimately wind down the project is a bombshell for the company,ending a multibillion-dollar effort called Project Titan that would have vaulted Apple into a whole new industry. The tech giant started working on a car around 2014,setting its sights on a fully autonomous electric vehicle with a limousine-like interior and voice-guided navigation.