Apple has halted its decade-long efforts on the electric car project, a source informed Reuters on Tuesday, marking a significant shift for the tech giant. Despite this setback, Apple’s shares showed resilience, edging up 0.7% during afternoon trading. Reports suggest that employees from the electric car division will transition to Apple’s artificial intelligence (AI) division. The decision comes amidst industry-wide challenges, including elevated interest rates affecting consumer sentiment and dampening demand for electric vehicles. This shift in focus echoes similar moves by other automakers, including Tesla, who are adjusting strategies amidst changing market dynamics. Initially known as Project Titan, Apple’s car initiative began a decade ago, but progress faced obstacles even before the COVID-19 pandemic disrupted the automotive sector. The company had previously laid off workers in 2019 and revised the design of the concept vehicle.