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The decision to ditch the electric vehicle comes as global demand for battery-powered cars wanes.
The cars remain more expensive than petrol equivalents at the budget end of the market, while high inflation has dampened demand for new cars overall.
On Tuesday, Tesla’s shares fell by more than 5pc after it disappointed investors with a report that deliveries of its popular electric cars had fallen sharply.
The job cuts at Apple include hundreds of roles in the Californian city of Santa Clara, according to state filings. Earlier this year, Apple also cut 121 jobs from an office in San Diego.
Unlike other tech giants such as Google and Meta, Apple has largely avoided such public mass redundancies. While it has given up on its electric vehicle dream, Apple has shifted its efforts towards embedding more powerful artificial intelligence technology in its gadgets.
Bloomberg reported on Wednesday that it is also planning a push into home robotics. Apple still has a presence in millions of cars through its CarPlay software, a hands-free system that links to drivers’ iPhones and is used by hundreds of different marques including from BMW and Ford.
Apple’s shares have languished so far this year as investors grow wary over its growth potential. Its stock is down 9pc since the turn of the year and it has lost its place as the world’s most valuable company.
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