Shares of the company fell 2.4% on the news of delay in Apple electric car. Apple’s automotive project, known as Project Titan, has been ongoing since 2014.
There might be some bad news for Apple electric car fans waiting for the big reveal. The company may have to push the launch schedule further down in the timeline. There has been a series of delays over the past year in the development of Project Titan—the codename for the Apple electric car. The launch timeline has been pushed back to 2026, according to a new report from Bloomberg.
The news of delay in the launch of Apple’s electric car also caused the company’s shares to fall by 2.4 per cent. Apple’s automotive project, known as Project Titan, has been ongoing since 2014 when the company began designing the vehicle from scratch. The project has seen some major high-profile exits and entrances over the years.
Apple has reportedly scaled back its plans for a self-driving electric vehicle and is now planning a less ambitious design that would include a steering wheel and pedals and support full autonomous capabilities only on highways.
The company is said to be developing a vehicle that would allow drivers to conduct other tasks on the freeway and be alerted in time to switch to manual control when necessary. Last year, a Bloomberg report said that Apple was aiming to launch its electric car as early as 2025, with a focus on full self-driving capabilities.
The Apple electric car will enter an extremely competitive segment with the smartphone maker competing with the likes of Tesla and Volkswagen. Tesla accounts for a large share of EV sales worldwide and is second only to Chinese company BYD in producing relatively low-powered EVs. BYD has also entered the Indian market with its offerings in the MPV and SUV segments.