17:25:56 EDT Sat 18 May 2024
Enter Symbol
or Name
USA
CA



Apple CDR (CAD Hedged)
Symbol AAPL
Shares Issued 7,950,000
Close 2024-02-27 C$ 27.10
Market Cap C$ 215,445,000
Recent Sedar Documents

Globe/NYT say Apple scraps self-driving-car project

2024-02-28 08:15 ET - In the News

The Globe and Mail reports in its Wednesday edition that Apple has cancelled its plans to release an electric car with self-driving abilities, a secretive product that had been in the works for nearly a decade. A New York Times dispatch to The Globe says that the company told employees in an internal meeting Tuesday that it had scrapped the project and that members of the group would be shifted to different roles, including in Apple's artificial-intelligence division. Although Apple had not unveiled its car to consumers, the product had for many years been one of Silicon Valley's worst-kept secrets because it was being tested on public roads. The car was internally code-named Titan and Project 172. The cancellation is a rare move by Apple, which typically does not shelve such public and high-profile projects. The company has struggled in recent years to find new avenues for growth because its all-important iPhone has saturated the market and people are upgrading their phones less frequently than they used to. The product was important for chief executive officer Tim Cook's legacy because it would have countered the perception that Apple had lost its ability to innovate and come up with the next big thing.

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