'Apple abandons plans for its electric car' - Industry and Analysis. The indiscretion helps Apple stocks on Wall Street, where they rise by more than 1.2%.
The electric car, known as 'Project Titan', was a project to diversify Apple's production beyond the iPhone and to try to compete with Rivian and Tesla. According to rumors, Apple will use the funds for research into electric cars in artificial intelligence. The abandonment comes as the electric vehicle market is slowing and Elon Musk has warned of slowing sales growth for Tesla this year.