Apple Stock (NASDAQ:AAPL)
Apple (NASDAQ:AAPL), a firm with different degrees of interest in autonomous cars, is said to have decreased the number of drivers it has in California for its testing program.
According to MacReports, which cited statistics from the California DMV, Apple, headquartered in Cupertino, California, had 145 drivers for its program as of April 28, down from 201 in March.
According to the news site, the number of automobiles in the company’s fleet decreased by one, bringing the total to 66.
Tim Cook, CEO of Apple, revealed the existence of the tech giant’s interest in autonomous cars in 2017, and he referred to the endeavor as “the mother of all AI projects.”
Earlier this year, Cook said that artificial intelligence is “a major focus” of the corporation, adding that the company sees “enormous potential” for AI to touch “virtually everything we do.”
Even though several news organizations, including Seeking Alpha, have reported on the existence of the tech giant’s activities, which are being carried out as part of a project known as Project Titan, Apple stock has not yet made an official announcement if they are developing an autonomous vehicle.
Given the significant head start that Tesla (NASDAQ:TSLA), led by Elon Musk, has over Apple stock, analysts at Morgan Stanley pondered whether or not Apple (NASDAQ:AAPL) could compete with Tesla in the space last year.
At the time, Adam Jonas, an analyst at Morgan Stanley, said that the entry of Apple into the market for electric vehicles would be the “ultimate bear case” for several firms, including General Motors, Fisker, Ferrari, and others.
There has been no indication of when such an announcement would be made; nevertheless, Citi analyst Jim Suva said in December that a launch of the company’s entrance into the market in 2025, depending on the path it chooses, could raise the company’s total revenues by between 2% and 15%.
Featured Image: Unsplash @ currentspaces
Author Shariq Khan 
