Apple cancels decade-long electric car project

WASHINGTON, Feb 28 (Reuters): Apple has canceled work on its electric car, a source familiar with the matter told Reuters on Tuesday, a decade after the iPhone maker kicked off the project.

The move draws the curtain on a plan that would have helped Apple break out into a new industry and potentially replicate the success of the iPhone.

The project had seen uneven progress throughout its life and its end comes as global automakers cut back their investments in electric vehicles, whose demand has dropped significantly.

Several employees working on the project will be shifted to the company's artificial intelligence (AI) division, according to Bloomberg News, which first reported the development.