Bloomberg , which also reported the development, said employees working on Apple's EV will shift instead to a unit for AI.

Apple declined to comment.

The company launched Project Titan, as its car effort was known internally, a decade ago.

That was when a wave of interest in self-driving vehicles swept through Silicon Valley.

Reuters reported in 2020 that Apple was considering releasing a vehicle as soon as 2024 or 2025.

But progress had been uneven even before the COVID-19 pandemic disrupted the global automotive industry.

High interest rates have soured consumer sentiment, prompting automakers to cut jobs and production.

Even EV market leader Tesla has been paring back its investments.

Meanwhile, Apple has so far held back from any big moves in AI, in contrast to tech giants Alphabet and Microsoft, which have first-mover advantage in infusing the breakthrough tech into their products and tools.