Apple gives up on making a car, moves hundreds of employees off the project
Apple (AAPL) executives have given their secret car team, code-named Project Titan, until late 2017 to prove the feasibility of a self-driving vehicle and determine a final direction, according to a Bloomberg report Monday.
The team leading the project has refocused on developing an independent driving system that gives Apple the choice to partner with existing automakers or return to designing its own vehicle down the road, according to Bloomberg, citing sources familiar with the project.
A spokesman for Apple declined to comment.
Last month, The New York Times reported that the tech giant started to rethink its strategy and had laid off dozens of employees on its self-driving car project, including shuttering parts of its project completely. Apple reportedly started Project Titan in 2014 to make a mark in the auto industry.
Apple's stock was trading slightly higher in premarket trade Monday. The stock is up more than 11 percent year to date.
