Apple Poured $1B A Year Into Car Project Concocted By Steve Jobs For A Decade Before Realizing It 'Needed To Be Put Out Of Its Misery,' Report Reveals
Portfolio Pulse from Ramakrishnan M
Apple Inc.'s ambitious car project, known as 'Titan,' has been canceled after a decade of development and billions of dollars invested. Initiated by Steve Jobs, the project faced leadership indecision, technical challenges, and was unable to produce a commercially viable product. Despite exploring partnerships with major automakers and pouring roughly $1 billion annually into Titan, Apple encountered insurmountable technical and economic hurdles, leading to the project's termination and the potential layoff of about 2,000 employees.
March 07, 2024 | 7:58 am
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Apple Inc.'s cancellation of the 'Titan' car project after a decade of investment highlights significant financial and strategic shifts within the company. The project's end, marked by potential layoffs and asset sales, could influence investor perceptions of Apple's future direction and innovation capabilities.
The cancellation of a high-profile project like 'Titan' after such significant investment can lead to short-term negative sentiment among investors, potentially affecting AAPL's stock price. The project's failure to launch, coupled with the financial implications of the sunk cost and the potential layoffs, underscores challenges in Apple's innovation trajectory and resource allocation. However, the long-term impact may be mitigated by Apple's overall financial strength and diversified product portfolio.
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