Apple winds down electric car project, reports say

Apple has reportedly cancelled its plans to build electric vehicles (EV) a decade after the iPhone maker was rumoured to be working on the project.

The firm has never publicly acknowledged the project, which is involves around two thousand people.

Many employees from the project will be moved to the iPhone maker's artificial intelligence (AI) division, according to Bloomberg News.

Demand for EVs has slowed in recent month as borrowing costs remain high.

The Apple car team was reportedly known as the Special Projects Group, or SPG, and was understood to still be years away from producing a vehicle.

Apple did not immediately respond to a BBC request for a comment.

The EV market has become increasingly competitive as major players try to win over customers.

The company, which is led by multi-billionaire Elon Musk, has been cutting prices in key markets around the world, including Europe and China, as it faces tough competition from Chinese rivals such as BYD.

Mr Musk responded on the social media platform X, formerly known as Twitter, to a report that the Apple project was being wound down with emojis of a salute and a cigarette.