Apple cancels work on electric car, source saysApple has canceled work on its electric car, a source familiar with the matter told Reuters on Tuesday, a decade after the iPhone maker kicked off the project. Shares of the company were up 0.7% in afternoon trading, having pared some losses from earlier in the trading day. Several employees working on the electric car project will be shifted to the firm’s artificial intelligence (AI) division, according to Bloomberg News, which first reported the development. High interest rates to tame inflation have soured consumer sentiment and led to a slowdown in demand for usually pricier electric vehicles, prompting the industry to cut jobs and reduce production. Reuters reported in 2020 that Apple was considering releasing a vehicle as soon as 2024 or 2025.

Source: Daily Nation February 28, 2024 17:34 UTC