Elon Musk posted an image of a salute emoji and a cigarette to commemorate the end of Apple’s electric car project.
Tesla’s CEO has reacted to the iPhone maker’s decision to cancel Project Titan, which has been secretly working on developing electric cars for the better part of a decade.
“The natural state of car companies is dead,” Musk wrote on his social media platform X (formerly Twitter).
Apple’s move marks the beginning of a plan to help the tech giant enter new industries and potentially replicate the success of the iPhone.
The project has made uneven progress throughout its life, but is now coming to an end as global automakers cut investment in electric vehicles, where demand has plummeted.
Several employees working on this project will be transferred to the company’s artificial intelligence division. According to Bloomberg Newsfirst reported the development.
Apple declined to comment.
In 2015, Musk reportedly said he was not concerned about Apple’s expansion into electric vehicles.
“It’s good that Apple is moving in this direction and investing. But cars are very complex compared to mobile phones and smartwatches,” Musk told German newspaper Handelsblatt. “You can’t go to a supplier like Foxconn and say, ‘Make me a car.'”
In the interview, Quoted by Business InsiderMr. Musk derided Apple as the “Tesla graveyard.”
“If things don’t work out at Tesla, I’ll be working at Apple,” Musk reportedly said. “no kidding.”
Musk’s latest comments reflect the downturn in the electric vehicle market, which has been hit by a drop in global demand, forcing Ford and General Motors to cut production targets.
Musk warned last month that sales growth would slow sharply this year.
Tesla has been aggressively cutting prices as it aims to compete with Chinese startup BYD, which overtook Musk’s company to become the world’s top EV maker in the fourth quarter of 2023.
Tesla stock has fallen 18% since the beginning of the year.
Shares of Tesla rivals Rivian and Lucid fell last week after the companies cited in their earnings reports the impact of slowing demand for electric vehicles on costly expansion plans.
Rivian’s production fell 25% to its lowest level on record after forecasting flat annual production growth, but also due to the suspension of assembly lines for upgrades.
Lucid fell 9% as its production forecast also fell short of expectations.
with post wire
