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Apple downsizes, delays its autonomous car plans: report

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.

-Mike Murphy

 

(END) Dow Jones Newswires

12-06-22 2112ET

Copyright (c) 2022 Dow Jones & Company, Inc.

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