Apple axes 600 jobs in EV shock

APPLE is cutting more than 600 jobs after abandoning its decade-long efforts to build an electric car.

The redundancies are the first at Apple since the pandemic and are happening at Silicon Valley offices believed to house parts of its electric car project.

A team working on new screen technology is also being shut down.

Apple revealed the lay-offs in state filings in California. It comes after Tim Cook cancelled its efforts to develop a self-driving car, Project Titan, which reportedly had more than 2,000 staff.

The project was launched in secret in 2014 and has since gone through repeated restructurings and leadership changes as Apple grappled with how to enter the fiercely competitive automotive industry.

At one point, Apple had planned to build a fully autonomous vehicle that could drive itself. The company operated a test fleet of self-driving cars on California’s roads. Last year, it had 67 Lexus SUVs registered with officials that had been vetted to test its software.

The decision to ditch the electric vehicle (EV) comes as global demand for battery-powered cars wanes. The cars remain more expen- sive than petrol equivalents at the budget end of the market, while high inflation has dampened demand for new cars overall.

On Tuesday, Tesla’s shares fell by more than 5pc after it disappointed investors with a report that deliveries of its popular electric cars had fallen sharply.

Apple still has a presence in millions of cars through its CarPlay software, a handsfree system that links to drivers’ iPhones and is used by hundreds of different marques including from BMW and Ford.

Apple’s shares have languished so far this year as investors grow wary over its growth potential. Its stock is down 9pc since the turn of the year and it has lost its place as the world’s most valuable company.