Apple reportedly cancels plans to build an electric car

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• AAPL

Apple will wind down its team working on electric cars, called Special Projects Group, according to Bloomberg.

The news signals that Apple will cease its secretive effort to build a car to rival Tesla. The program employed thousands of employees but never fit with Apple's core business of electronics and online services, and raised questions about what companies Apple would tap to manufacture a car.

Reports of Apple's ambition to build a car first surfaced in 2014 after the company recruited automotive engineers and other talent from car companies. There were few public indications of the company's plans, but Apple operated a program where autonomous Apple-owned cars equipped with sensors and piloted by safety drivers drove around the San Francisco Bay Area.

The department had several reorganizations over the years, including layoffs in 2019, when employees were moved to different parts of the company. Some Apple employees in the company's car division may move to a generative artificial intelligence team, according to Bloomberg.

The company has other automotive-related projects, including its infotainment-oriented CarPlay software.

Apple shares rose about 1% on the news. Apple declined to comment.

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