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Apple Reportedly Axes Electric Vehicle Program

The race to produce electric vehicles has gone beyond just Tesla and its broader battle with legacy automobile manufacturers. Nearly all major automobile manufacturers announced that they would unveil their own electric vehicles in the beginning of the 2020s. However, Tesla has maintained its dominant market share in the first half of this decade. Apple (NASDAQ:AAPL) is world renowned for its incredibly popular and slick technology hardware products. In late 2014, Apple CEO Tim Cook was rumoured to have approved a project to develop an electric car.

For nearly a decade, Apple product enthusiasts keenly awaited for updates on the rumoured project. In the summer of 2019, Apple had laid off more than 200 employees from the autonomous vehicle secret project. Moreover, Apple’s artificial intelligence lead James Giannandrea was tapped to lead the autonomous vehicle project in 2020.

While there was steady buzz around this project, investors had yet to see anything concrete in 2023.

This week, new reports surfaced revealing that Apple had cancelled its plans to build an autonomous electric vehicle. Apple CEO Tim Cook never publicly acknowledged the electric vehicle project.

Apple may have been unable to produce its hyped rival to Tesla, but it remains a reliable powerhouse in the tech space. The company boasts a market capitalization of $2.80 trillion at the time of this writing. Moreover, it possesses a favourable price-to-earnings ratio of 28 at the time of this writing. Apple last paid out a quarterly dividend of $0.24 per share. That represents a modest 0.53% yield.