New York: American multinational technology company Apple is abandoning the electric car project named Project Titan, which was introduced in 2014. Apple has invested billions of dollars in Project Titan. E.V. Chief Operating Officer Jeff Williams and Vice President Kevin Lynch made the surprise announcement on Tuesday of the company's decision to end the Titan car project.
Media reports say the decision stunned around 2,000 project employees. Tesla CEO Elon Musk responded to the decision to abandon the Titan project by posting a salute emoji and a cigarette on X.
The decision is believed to be related to the electric vehicle industry, which has been experiencing slow growth in recent months. EV giant Tesla has also shared concerns over demand, high interest rates and increasing competition in recent months.