Apple cancels EV plans

Apple (AAPL) has halted its decade long project to develop an electric car, according to a Bloomberg report. Senior Columnist Rick Newman notes Apple’s profit margin on smartphones and software is far above that of automakers’. He says full-scale auto manufacturing “doesn’t fit with [Apple’s] business model” given the complexities of the market.
With the Apple car now scrapped, Senior Tech Editor Dan Howley explains Apple’s intentions to redirect investments towards generative AI and machine learning.
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