Apple has shared a deflating update about the prospects of bringing an Apple-designed electric vehicle to market after growing buzz about such a project.
What happened?
CNN wrote on Feb. 28 that the iconic tech company has scrapped its plans to develop an EV, according to multiple media reports.
The initiative, nicknamed Project Titan, had been in the works since 2014, and there were a number of setbacks along the way. This time, however, it appears the project is done for good.
A Bloomberg report cited by CNN revealed that many of the employees on Project Titan had been reassigned to Apple's artificial intelligence division.
"It's vital that Apple stays one step ahead in developing the tech people crave, to justify its products' high price points, so fully exploring the opportunities AI presents for its future ranges is essential," Susannah Streeter, the head of money and markets at investing platform Hargreaves Lansdown, told CNN.
What is this concerning?
EVs are responsible for considerably less harmful pollution over their lifetimes, as the average gas-powered car releases more than 10,000 pounds of carbon every year. EVs, on the other hand, don't produce any heat-trapping gases from their tailpipes.
While there are a number of EVs already on the market, with industry icon Tesla still leading the way, Apple's history of innovation and marketing success sparked great optimism for the future of the more eco-friendly vehicles.
In 2020, as reported by CNN, Morgan Stanley analysts declared that an Apple EV could be "a transformative event," disrupting the transportation industry in the best way possible.
What can be done about this?
This news is the latest suggesting a transition to EVs may be slower than expected, even as multiple countries are investing in supportive infrastructure.
However, sales of the vehicles are still expected to continue rising, with NPR reporting 2024 is projected to be another record year for the market.
"We're just going from, we like to say, rosy to reality," Stephanie Valdez-Streaty, who works for Cox Automotive, told the outlet in early February.
And even though Apple won't be throwing its weight behind an EV, there are still more models available than ever before, which may lead to increasingly affordable options.
According to insurance company Progressive, projections by TrueCar indicate there could be more than 100 models available by the end of the year, while the ratio of EVs to gas-guzzlers on the road is expected to slowly trend upward.
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