Apple reportedly cancels work on electric car

Apple has canceled work on its electric car, a source familiar with the matter told Reuters, a decade after the iPhone maker kicked off the project.

Source: Apple

Shares of the company were up 0.7% in afternoon trading, having pared some losses from earlier in the trading day.

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Several employees working on the electric car project will be shifted to the firm's artificial intelligence (AI) division, according to media reports.

Source: Unsplash

Apple has so far held back from any big moves in AI, in contrast to other tech giants such as Alphabet and Microsoft.

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Reuters reported in 2020 that Apple was considering releasing a vehicle as soon as 2024 or 2025.

Source: Unsplash