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Apple's electric car crash shows even a $2.8 trillion company can't burn cash forever

Business Insider

Business Insider · 1y ago

Apple's electric car crash shows even a $2.8 trillion company can't burn cash forever

Apple reportedly canceled its secretive electric vehicle project, known as Project Titan, signaling a shift away from side hobbies. With a market capitalization of nearly $3 trillion, Apple has other new areas to invest in, such as its Vision Pro mixed reality headset and further development of artificial intelligence (AI) technology. While the decision to cancel the EV project may be due to the challenges faced by previous attempts in the industry, Apple's focus on AI and mixed reality keeps the company occupied for now.

Related News

The Apple Car is dead, and Elon Musk is speaking at its funeral

Business Insider

Business Insider · 1y ago

The Apple Car is dead, and Elon Musk is speaking at its funeral

Apple has reportedly decided to abandon its electric car project after a decade of development. This news prompted Elon Musk, CEO of Tesla, to post a tweet with a saluting face and cigarette emoji, apparently bidding farewell to Apple's effort in the electric car market. While Apple employees involved in the project will be moved to the company's AI division, it is also expected that there may be layoffs among engineers and car designers. Apple's electric car project faced numerous challenges, including leadership changes and launch delays. Musk has previously expressed skepticism about Apple's ability to successfully enter the complex and competitive electric car market.

Waymo scores a critical robotaxi permit, Fisker cuts more workers and Apple car fades away

TechCrunch · 1y ago

Waymo scores a critical robotaxi permit, Fisker cuts more workers and Apple car fades away

In this week's edition of TechCrunch Mobility, Waymo's co-CEO Tekedra Mawakana discusses the Apple Car project, Waymo's expansion plans in Los Angeles, and its approval to operate commercial robotaxis in multiple locations. Other notable news includes Fisker's talks with Nissan to collaborate on an electric pickup truck, Polestar securing a $950 million loan, and Range Energy raising $23.5 million for its electric-powered trailers. Additionally, Apple cancels its plans for an autonomous electric car, and Waymo's robotaxi in LA encounters a minor crash.

Apple lays off over 600 employees in California after abandoning electric car project

TechCrunch · 1y ago

Apple has laid off 614 employees in California, following the discontinuation of its electric car project. The affected employees were notified on March 28 and the layoffs will be effective from May 27. Most of the employees worked on Apple's canceled car project, while others were involved in next-generation screen development. Apple had started the car project, internally called "Project Titan," in 2014, but discontinued it in February. The company also ended its efforts to design and develop its own next-generation displays around the same time. This marks Apple's first major job cut since the pandemic began.

BluSmart may end cab-hailing trip, hit reverse gear

Economic Times

Economic Times · 4m ago

BluSmart may end cab-hailing trip, hit reverse gear

BluSmart, an electric ride-hailing startup, plans to transition its business from cab services to becoming a fleet partner for Uber due to financial challenges. With shareholders' approval, BluSmart will gradually transfer its fleet to Uber, starting with 700-800 vehicles. This move aims to alleviate BluSmart's monthly cash burn exceeding Rs 20 crore. The transition is crucial for BluSmart as it faces a cash crunch and failed capital funding, impacting operations and delaying salary payments.

R.I.P. Apple's Electric Car

Gizmodo

Gizmodo · 1y ago

R.I.P. Apple's Electric Car

According to a report from Bloomberg, Apple has officially decided to abandon its project to build an electric car. The project, known as Project Titan, was a multibillion-dollar effort that would have marked Apple's entry into the automotive industry. Instead, much of the team will be redirected towards working on generative AI, although it is unclear how many layoffs may occur as a result. The decision comes after years of speculation and rumors about Apple's plan to develop an autonomous, electric vehicle.

Apple is not passing on costs of climate goals to consumers, exec says

Economic Times

Economic Times · 1y ago

Apple is not passing on costs of climate goals to consumers, exec says

Apple's Vice President for Sustainability, Lisa Jackson, stated that the company does not charge consumers more to account for its efforts to reduce carbon emissions. Apple, with a market capitalization of around $2.8 trillion, aims to set an example for other businesses in adopting clean energy and recyclable materials. Jackson highlighted that making windmills for renewable energy also has a carbon footprint, and Apple is working with smaller companies to recycle rare earths and other materials, with the goal of scaling the initiative for other businesses to follow.

Apple's EV exit shows the challenges of the once red-hot market

Business Insider

Business Insider · 1y ago

Apple's EV exit shows the challenges of the once red-hot market

Apple has reportedly scrapped its plans for an electric car after a decade of work. The company's EV project had undergone several changes in leadership and strategy since its launch in 2014. The decision comes as demand for electric vehicles has slowed, forcing manufacturers to cut costs. While the move may be seen as a setback for Apple, it could also provide a boost for rival EV makers as some of Apple's employees may now join their ranks. Apple's stock surged 2% in response to the news.

Apple’s electric car project is dead

The Verge

The Verge · 1y ago

Apple’s electric car project is dead

Apple has reportedly put an end to its electric car project, known as "Project Titan," and will instead shift focus to generative artificial intelligence initiatives. The company's chief operating officer and a vice president in charge of the project shared the news with employees, with an unclear number of affected workers expected to face layoffs. Rumors of Apple's electric car development have circulated for years, but recent reports had indicated that the company was still actively working on the project. Apple has yet to comment on the matter.

The Apple Car crash

The Verge

The Verge · 1y ago

The Apple Car crash

Apple's decade-long effort to develop a self-driving car seems to have come to an end. Despite investing around $10 billion and exploring multiple strategies, Apple has reportedly decided to shift its focus away from the automotive sector. This article reflects on the reasons behind Apple's initial interest in building a car, including their interest in electric vehicles and autonomous driving technology. Additionally, it discusses the recent Supreme Court hearing involving debates on free speech, content moderation, and the sizeable influence of platforms like YouTube. The article also touches on diverse topics such as artificial intelligence and TikTok.

ETtech Q&A | Replicating Blinkit’s quick commerce moves won’t ensure success: CEO Albinder Dhindsa

Economic Times

Economic Times · 6m ago

ETtech Q&A | Replicating Blinkit’s quick commerce moves won’t ensure success: CEO Albinder Dhindsa

Blinkit, India’s largest quick commerce platform, nearly broke even in a recent quarter but faced increased cash burn due to competition. CEO Albinder Dhindsa believes it's a misconception that rivals can achieve profitability just because Blinkit did. The company raised capital to counter competitive pressures and emphasizes sustainable growth beyond mere market share. Blinkit is expanding into categories like beauty and electronics and exploring 10-minute food delivery through its Bistro initiative.

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