RIP Apple Car
Apple canceled one of its most ambitious electric car plans in the history of the company, the number of employees to be cut, and many will be shifted to AI, Bloomberg reported.
BREAKING: Apple, $AAPL, winding down electric car plans, ending decade-long foray, per Bloomberg.
Some Apple, $AAPL, car employees to be cut, many will shift to AI
— unusual_whales (@unusual_whales) February 27, 2024
Breaking news came out from the internal team of Apple Inc., surprising nearly 2K employees involved in the project. According to people with keen eyes on the matter, Apple Inc. is scrapping its plans to make an electric car project after working on it for nearly ten years. The approximately 2,000 workers on the project were taken aback when Apple revealed the information internally on Tuesday, according to those who wished to remain anonymous because the news was not made public.
How Did It Break Out Loud?
The decision was declared to the workers involved in the project by the Chief Operating Officer, Jeff Williams, and Kevin Lynch, a vice president in charge of the project, as per the sources. The two executives informed the workers that the project would begin to wind down and that many members of the automobile team, referred to as the Special Projects Group, or SPG, would be moving to the artificial intelligence (AI) division led by John Giannandrea.
These employees will concentrate on generative AI initiatives, which are becoming a higher priority for the business.
Will Apple Inc. Have Layoffs in 2024?
The big surprising news doesn’t end here; there is a chance of mass employee layoffs in the company. However, as per the information, the workers involved in the projects might be able to apply for the job vacancies with other Apple teams. Yet, the possibility of layoffs can’t be denied.
Apple shares: A Big Relief To Investors
Well, where thousands of people are amazed, there is relieving news from the stock market. After Bloomberg shared the news, Apple shares were up about 1.2% to $183.37 in New York.
How People Are Seeing Apple’s EV Abandoned?
Not only this but even the world’s richest man and head of Tesla Inc. celebrated Apple’s move. He reposted the news with his official X handle with a saluting emoji and a cigarette.
— Elon Musk (@elonmusk) February 27, 2024
Talking about general public reactions, few are expressing favorable sentiments about Apple’s step towards high-trending technology, AI. Many are concerned about employment layoffs.
Turns out making electric vehicules at scale is not as easy as everyone expected.
Just imagine the resources that Apple has; it's not only about money, it's about know-how.#TESLA
— Gilberto NAVA (@gilbernet_z) February 27, 2024
A Welcome Boon For Automakers
After the cancellation of Apple’s EV program, automakers like Tesla Inc., Detroit Tech, and other giant ones are breathing a sigh of relief. It is considered an opportunity for other electronic vehicle companies to create their brand names in the lane. Not only this but after a few hours of disclosing this information, Elon Musk again tweeted, “Tonight, we radically increased the design goals for the new Tesla Roadster. There will never be another car like this; you could even call it a car.”
First Google now Apple
A massive pile of cash is useless if company leadership lacks vision
— The Highly Automated Cat — e/acc ⏩ (@atlantis__labs) February 27, 2024
This X tweet is not only about the promotion of Tesla, but it also determines that it is the right time for other automakers to take on the market.
They can’t compete with Tesla!
— ΛBBΛƧ – ΛＷΛ〽️ (@NFTMillionaire) February 27, 2024
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