By Mike Murphy
Apple Inc. has scaled back its autonomous electric-car plans and delayed its target date until 2026, according to a new report.
Bloomberg News on Tuesday reported Apple's Project Titan has been in a state of limbo at the tech giant in recent months, upon realization that the ambitious self-driving-car plan is not currently technologically feasible.
Citing sources with knowledge of the matter, Bloomberg said the project is being reworked to include a steering wheel and pedals, and autonomous capabilities only while driving on highways. Previously, Apple had sought to build a car with "Level 5" autonomy, Bloomberg said, referring to a high level of autonomy that no auto maker has yet been able to achieve.
Apple's self-driving EV plans have been rumored for years, and the scope of the project has changed a number of times. In early 2021, there were reports that Apple was teaming with South Korean auto maker Hyundai Motor Co. to build an Apple-branded vehicle, and later that year Bloomberg reported Apple was speeding up the car's development process.
Apple shares (AAPL) are down about 20% year to date, compared to a 17% decline by the Dow Jones Industrial Average , of which it is a component.
(END) Dow Jones Newswires
12-06-22 2112ETCopyright (c) 2022 Dow Jones & Company, Inc.