Apple, an American high-tech company, has ended a decade-long project to build an electric car.
According to a source familiar with the matter, Apple has internally notified that the electric vehicle project, known as "Project Titan", will be stopped.
Bloomberg News was the first to report on the plan.
Apple has poured billions of dollars into research and development for a car program that was once seen as having the potential to transform the entire automotive industry. People involved in the project said Apple's in-house car group has gone through several rounds of restructuring and strategic shifts. Some executives have offered to build deep partnerships with automakers or even buy a car manufacturer outright, but these proposals have not been successful.
Investors are happy to see this news come to fruition. Dan Morgan, a senior portfolio manager at Apple shareholder Synovus Trust, said they were relieved that Apple had canceled its electric car program.
When you look at Apple's future initiatives, you'll see that the car project is always the most far-fetched for Apple. It's out of their control. He said.