Tech giant Apple has reportedly ended its decade-long pursuit to enter the electric vehicle market after spending billions of dollars on the effort known as Project Titan.
The Wall Street Journal reported that part of the reason Apple pulled the plug was that the company was lighting cash on fire trying to catch up to Elon Musk’s Tesla Motors.
“It makes no sense whatsoever for Apple to sell a car,” technology analyst Richard Windsor said last year. “Apple makes 40-50pc gross margins on the products it sells, and it will not make that on seats and steering wheels.”
Apple wanted to develop new battery technology that would dramatically cut the cost of electric vehicles and wanted to develop software that would make their cars fully self driving.
Some of the 2,000 employees Apple had working on the project will be transferred to other areas in the company while the rest will be…
