Apple cancels work on electric car, source says

FILE PHOTO: The Apple Inc logo is seen hanging at the entrance to the Apple store on 5th Avenue in Manhattan, New York, U.S., October 16, 2019. REUTERS/Mike Segar/File Photo

(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.

Shares of the company were up 0.7% in afternoon trading, having pared some losses from earlier in the trading day.