Apple’s EV wind down offers reprieve to rivals

Rough market: A Tesla Cybertruck in Los Angeles, California. Apple’s decision to not proceed with its EV project is being touted as an example of how tough the business has become recently. — Bloomberg

Cupertino (California): The sudden demise of Apple Inc’s electric vehicle (EV) programme is a bleak sign for the car market. It’s also a welcome boon for automakers themselves.

Tesla Inc and Detroit’s automakers can breathe a sigh of relief after the electronics giant scrapped its car programme, eliminating a threat in an EV market where growth is slowing and providing a pool of engineers and other talent who may be out of a job.