By Jo Nova

Not only has the bubble popped, but everyone knows it’s popped. After ten years, Apple abandons the fantasy of EV’s

Apple is believed to have spent “billions” since 2014, trying to develop an EV in the semi secretive “Project Titan”. They reportedly had 2,000 employees working on it, but this week, they dropped it like a hot rock, and, by golly, investors were relieved.

It came as a big surprise. Two years ago Apple was so serious it hired some veterans from Lamborghini. In January Apple was hiring drivers for its autonomous testing fleet. A few weeks ago the project was live but being downgraded to a less autonomous machine and delayed until 2028. But this week, employees are being laid off, and Apple is moving many of the workforce to AI.

Most commentators saw this as a cost cutting exercise due to competition from China, but some are seeing this as a bigger sign:

“It does not get much more shocking than this,” said Roger Lanctot, automotive analyst at TechInsights. “If you have more money than God and you decide not to pursue a particular concept it is a massive rejection of this […]