Spare a thought for the fanboys. Many of them will wake up to the news that this is the closest we’ll ever get to an Apple car. And if that reference goes over your head, you might want to question how good your childhood really was.

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Apple cancels plans to build an electric car

Apple is scrapping its electric car project, according to Bloomberg ($), ending a decade-long effort to enter the automotive industry. Investors cheered the move, pushing Apple shares up about 1% on Tuesday. Elon Musk also celebrated, sharing a salute emoji on X.

Some staffers will be laid off, while others will be shifted to Apple’s artificial intelligence division where they’ll work on generative AI projects.

Apple started Project Titan around 2014 and spent billions of dollars trying to create a fully autonomous electric vehicle. But the project struggled through multiple changes of leadership and strategy. Before scrapping the project, Apple was still years away from producing a car.

Another hurdle was the cooling market for EV, which has prompted General Motors and Ford to pivot towards hybrid vehicles. Tesla has also warned its growth will be “notably lower” this year.

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