Wedbush's Dan Ives Says Apple's Decision To Abandon EV Project Is 'The Right Move': '...Would Have Made This An Uphill Battle'

Apple Inc AAPL has reportedly decided to discontinue its electric vehicle (EV) project, codenamed Titan. This decision has been met with approval from a prominent analyst, who believes that the move is in the best interest of the company.

What Happened: Wedbush analyst Dan Ives, on social media platform X, formerly known as Twitter, reacted to the news of Apple’s decision to halt its EV project.

Ives, who is known for his insights into the tech industry, expressed his support for Apple’s move, citing the rapidly evolving EV landscape as a significant factor.

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Apple’s EV project, which has been in the works for over ten years, has now been officially abandoned, as per a report by Bloomberg. The company has informed nearly 2,000 employees working on the project about this decision. Many of these employees will be redirected to Apple’s generative AI division, with layoffs expected but the exact number of affected workers still unclear.

Apple’s EV project has faced numerous setbacks, including delays and changes in leadership and strategy. Despite these challenges, the company had previously shifted its focus to a less ambitious EV design, similar to that of Tesla Inc. However, the project has now been completely scrapped.

The decision to abandon the EV project was reportedly finalized by Apple’s top executives in response to ongoing pressure from the company’s board.

Why It Matters: The decision to abandon the EV project has been met with mixed reactions. Renowned investment figure Ross Gerber expressed his relief at Apple’s decision, stating that the company had “missed their big opportunity to invest in Tesla.”

On the other hand, Jim Cramer, the host of CNBC’s “Mad Money,” has suggested that Google’s parent company Alphabet Inc should streamline its business operations, following Apple’s example. Cramer believes that a more focused approach could potentially boost Alphabet’s stock performance.

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