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AG
Alfred Gray
@alfredgray · Feb 28

APPLE HAS ABANDONED THE ELECTRIC CAR PROJECT

- Apple $AAPL is cancelling its team working on electric cars, as reported by Bloomberg.

- The news signals the end of Apple $AAPL's secret effort to develop a car to compete with Tesla.

- Ambitions to build the car first surfaced in 2014, but now the project is being halted.

- Apple $AAPL's total research and development spending in 2023 will reach approximately $30 billion, a 14% increase from the previous year.

- For me, this was a project that was too shrouded in mystery and I honestly didn't expect much from it, what's your take on it investors?

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BC
Bill Combs @billcombs Mar 7

I think it's a reasonable step. They did put some money into it, but they won't have to pay the people who worked on it anymore.

AG
Alfred Gray @alfredgray Mar 8

Sure, the costs were not small and I'm sure they can better invest the money in a way that makes sense keonomically :)

CM
Claude Malouxe @claudemalouxe Feb 28

They probably figured out a better option. I'm curious to see what they come up with, and where they'll pour those costs.😉

AG
Alfred Gray @alfredgray Feb 29

So do I, as they are keeping this project pretty much a secret :)

MD
Monday Dayton @mondaydayton Feb 28

This is great, I'm not happy with what they've crammed into it but personally I didn't like it much, the car industry is very competitive and it strikes me as stupid for a company that's already top in something to try and develop something it just is and will be quite behind in. I like that they are starting to mention AI more now.

AG
Alfred Gray @alfredgray Feb 29

The competition in the automotive industry is certainly great, anyway, I can somehow imagine the combination of electromobility and Apple, although I am not a proponent :)

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