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- Apple $AAPL+1.7% is cancelling its team working on electric cars, as reported by Bloomberg.

- The news signals the end of Apple $AAPL+1.7%'s secret effort to develop a car to compete with Tesla.

- Ambitions to build the car first surfaced in 2014, but now the project is being halted.

- Apple $AAPL+1.7%'s total research and development spending in 2023 will reach approximately $30 billion, a 14% increase from the previous year.

- For me, this was a project that was too shrouded in mystery and I honestly didn't expect much from it, what's your take on it investors?

I think it's a reasonable step. They did put some money into it, but they won't have to pay the people who worked on it anymore.

Sure, the costs were not small and I'm sure they can better invest the money in a way that makes sense keonomically :)

Exactly, and I hope something new finally comes along and the stock starts to rise :)

@billcombs Sure, Apple stock would at least deserve it..

They probably figured out a better option. I'm curious to see what they come up with, and where they'll pour those costs.😉

So do I, as they are keeping this project pretty much a secret :)

This is great, I'm not happy with what they've crammed into it but personally I didn't like it much, the car industry is very competitive and it strikes me as stupid for a company that's already top in something to try and develop something it just is and will be quite behind in. I like that they are starting to mention AI more now.

The competition in the automotive industry is certainly great, anyway, I can somehow imagine the combination of electromobility and Apple, although I am not a proponent :)

So yes, like sure they could have their own car models, no question about it. However, I find it unnecessary and would rather just focus on what they are great at and dare I say exceptional at. 😊