Apple (AAPL) Said to Refocus Autonomous Car Efforts on Software Amid Management Issues
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Sources said hundreds of the 1,000 or so workers on Apple's "Project Titan" car initiative have been reassigned, left the company on their own, or were let go. Instead of an entire car, the company is now focusing on creating its own autonomous driving system.
Apple has given the new team a deadline of late in 2017 to demonstrate such a system and to decide on a final direction.
Project Titan began at Apple in 2014 and set off a bit of a hiring battle with Tesla Motors (Nasdaq: TSLA). The project was riddled with management issues as executives debated what direction the project should take.
More than likely, Apple will pair-up with one or more automotive manufacturers on a vehicle, or simply try to work its software into upcoming models.
Shares of Apple are slightly lower Monday. Also on watch is autonomous vehicle software maker Mobileye (Nasdaq: MBLY).
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