According to reports, Apple Inc. is planning to launch decade-long effort to build an electric vehicle, abandoning one of the most ambitious endeavors in the history of the company.

The disclosure by Apple was made by the company, astonishment for the nearly 2,000 employees working on the project. Jeff Williams, chief operating officer, and Kevin Lynch, vice president in charge of the effort, shared the decision.

Several members of the team working on the car, known as the Special Projects Group, or SPG, will be transferred to the artificial intelligence division under John Giannandrea, according to the two executives. The company is increasingly focusing on generative AI projects.

A lot of hardware engineers and car designers work on the Apple car team. They may be able to apply for jobs on other Apple teams. It is unclear how many people will be laid off.

The decision to end the project is a shock to the company, ending a multibillion-dollar endeavor that could have propelled Apple into a whole new realm.

A fully autonomous electric vehicle with a limousine-like interior and voice-guided navigation was what the tech giant started working on around 2014.

According to reports, the decision to wind down the project was finalized by Apple's most senior executives in recent weeks.

A delayed car release until 2028 and a reduction in self-driving specifications from Level 4 to Level 2+ technology were the latest ideas discussed internally.

Recent estimates put the car's value at around $100,000. But they were worried about the vehicle's ability to generate the same high-profit margins that Apple typically enjoys on its goods.