Despite many indications over the years of the company's interest in cementing its position in the auto industry, especially concerning autonomous driving systems, Apple has now cancelled its plans for the same. Many engineers working on the project have been re-assigned to work on GenAI projects, as part of the company's AI division.

Why does this matter?

The move marks a vital change in company strategy. By staying with its autonomous vehicles plan, Apple would have entered into a substantially new market, possibly emerging as a major player in the same. However, its change in strategy highlights the growing focus among the private sector, particularly large, multi-billion dollar tech companies, on generative AI, and the larger AI projects division. This trend showcases the potential of AI as a lucrative business area for companies' revenue growth.