Apple spent over $10 billion on its failed car project

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It was reported yesterday by a trusted source that Apple Car is no more. Apple decided to ditch the project entirely after a decade of work on it. A new report just surfaced, by The New York Times, saying that Apple spent over $10 billion on that car project before killing it.

Apple spent over $10 billion on its car project before killing it

Needless to say, that’s a whole lot of money, especially for something that will never see the light of day. It’s said that the money was spent on research and development. Well, on top of Apple engineers and car experts who were also involved.

Now, based on the report, Apple suspected that the whole project would likely fail, the company suspected that from the beginning. It’s also said that the project was referred to as “the Titanic disaster” internally, instead of ‘Project Titan’, which is its codename.

It was assumed that an electric vehicle with self-driving capabilities would cost at least $100,000. Not to mention it would have very thin profit margins and extremely stiff competition on top of that. Despite all of that, Tim Cook decided to proceed with the project.

Some of you may recall that Apple was allegedly in talks with Elon Musk over Tesla purchase, back in the day. Instead, the company decided to proceed with building its own car.

The project had four different leaders over the course of a decade

The Apple Car project had four different leaders over the years, and not a single one truly fit, it seems. The project was scaled up and down several times over the last decade.

We presumed why it failed yesterday, upon the initial report of its cancellation. According to The New York Times, the main reason for the failure was because Apple was unable to develop the software and algorithms for a car with autonomous driving.

It was also reported yesterday that Apple will redistribute the employees that worked on the project. There are over 2,000 of them, and some will even get laid off as part of the process, unfortunately.