In 2014, Apple was rumored to have approved Project Titan, Apple's development of an electric car. In 2015, Apple formally introduced the new project. At its height in 2018, Project Titan employed 5,000 people. Now, nearly a decade later after it started, Apple announced that it is shutting down Project Titan, thereby exercising the option to abandon. With shrinking demand for electric cars, Apple must have believed that spending more money on the new car isn't worth the payoff, even though Apple had reportedly already spent more than $10 billion on the project. We will likely see a write off announcement in the next several months detailing the total spent on the project. Apple has utilized another option as it also announced that many of the Project Titan employees would begin working on AI technology. Fortunately for Apple, it doesn't appear the money spent on this project will sink the company.
