Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<keyword id="19894961" type="General" weightage="20" keywordseo="apple" source="keywords">Apple</keyword> has reportedly shelved its autonomous electric car project permanently and is likely to lay off "hundreds of employees" from the division, the media reported on Wednesday.<br /><br />According to a <keyword id="19895623" type="General" weightage="20" keywordseo="techcrunch" source="keywords">TechCrunch</keyword> report, the company is likely "cutting hundreds of employees from the team and all work on the project has stopped".<br /><br />Some employees will be shifted to Apple's generative AI (GenAI) projects. The Apple car project had around 1,400 employees.<br /><br />Apple first started working on its car project called "<keyword id="20318389" type="General" weightage="20" keywordseo="project-titan" source="keywords">Project Titan</keyword>" way back in 2014.<br /><br />In 2021, it hired <keyword id="20756225" type="General" weightage="20" keywordseo="ulrich-kranz" source="keywords">Ulrich Kranz</keyword>, a former BMW executive who helped run the i3 programme.<br /><br />In December last year, Apple delayed the launch of its electric vehicle, referred to as the 'Apple Car', until 2026 which was expected to be priced under $1,00,000.<br /><br />The tech giant also scaled back its vision for the self-driving electric vehicle.<br /><br />Initially, the <keyword id="19912026" type="General" weightage="20" keywordseo="iphone" source="keywords">iPhone</keyword> maker intended to create an automobile with no steering wheel or pedals, allowing passengers to sit facing one another in a limousine-style vehicle.<br /><br />Later, the project was reduced in scope and was set to have a more traditional design with a driver's seat, steering wheel and pedals, according to earlier reports.<br /><br /><b>SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/iqoo-neo-9-pro-with-snapdragon-8-gen-2-launched-in-india-will-take-on-the-oneplus-12r/articleshow/107908049.cms" target="_blank"></a></b><br /><br /> <b><a href="https://www.businessinsider.in/tech/mobile/news/iqoo-neo-9-pro-with-snapdragon-8-gen-2-launched-in-india-will-take-on-the-oneplus-12r/articleshow/107908049.cms" target="_blank">iQOO Neo 9 Pro with Snapdragon 8 Gen 2 launched in India, will take on the OnePlus 12R</a><a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-14-to-launch-in-india-on-march-7-to-take-on-the-galaxy-s23-and-oneplus-12/articleshow/107841326.cms" target="_blank"></a></b><br /><br /> <b><a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-14-to-launch-in-india-on-march-7-to-take-on-the-galaxy-s23-and-oneplus-12/articleshow/107841326.cms" target="_blank">Xiaomi 14 to launch in India on March 7, to take on the Galaxy S23 and OnePlus 12</a><a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8-pro-review/articleshow/107726935.cms" target="_blank"></a></b><br /><br /> <b><a href="https://www.businessinsider.in/tech/mobile/news/google-pixel-8-pro-review/articleshow/107726935.cms" target="_blank">Pixel 8 Pro review: ‘Okay Google’ – The flagship smartphone ticks almost all boxes</a></b><br />

Apple cancels self-driving EV project, to lay off workers: Report

<ul class="summary-list"><li><keyword id="6354427" type="ORGANIZATION" weightage="60" keywordseo="apple">Apple</keyword> hired a former <keyword id="6355119" type="ORGANIZATION" weightage="60" keywordseo="bmw">BMW</keyword> exec and <keyword id="7463286" type="UNKNOWN" weightage="60" keywordseo="canoo">Canoo</keyword> cofounder to work on its <keyword id="46640" type="ORGANIZATION" weightage="60" keywordseo="electric-car">electric car</keyword> project, <a href="https://www.bloomberg.com/news/articles/2021-06-10/apple-hires-former-bmw-executive-for-its-rebooted-car-project?sref=lAVQtUwz">Bloomberg</a> first reported.</li><li>Ulrich Kranz spent 30 years at BMW before setting up startup Canoo, which he became CEO of in 2019.</li><li>Apple is reportedly building a self-driving electric car, but has made no public announcements.</li></ul><p>Apple has hired Ulrich Kranz, a former BMW executive and cofounder of autonomous <keyword id="381751" type="ORGANIZATION" weightage="60" keywordseo="Electric-vehicle">electric vehicle</keyword> startup <a href="https://www.businessinsider.com/canoo-spac-founder-daniel-hennessy-not-worried-stock-plunge-2021-6">Canoo</a>, to work on its electric car, <a href="https://www.bloomberg.com/news/articles/2021-06-10/apple-hires-former-bmw-executive-for-its-rebooted-car-project?sref=lAVQtUwz">Bloomberg</a> first reported.</p><p>Apple hired Kranz in recent weeks, about a month after he stepped down as CEO of Canoo, people familiar with the situation told Bloomberg. He would report to Doug Field, formerly of Tesla, who heads up Apple's electric vehicle project, the people said.</p><p>The iPhone maker confirmed Kranz's hire to <a href="https://www.theverge.com/2021/6/10/22528448/apple-ulrich-kranz-canoo-bmw-electric-car-autonomous">The Verge</a>. Apple did not immediately respond to Insider's request for comment.</p><p><em><strong>Read more: </strong><a href="https://www.businessinsider.com/the-leaders-via-waymos-self-driving-trucking-arm-2021-5">3 execs leading the startup born of Google's self-driving car project reveal their plan to attack the $800 billion trucking business</a></em></p><p><a href="https://www.businessinsider.com/exclusive-apple-targets-car-production-by-2024-and-eyes-next-level-battery-technology-sources-2020-12">Apple plans to build a self-driving electric car</a> by 2024 and has held talks with <a href="https://www.businessinsider.com/apple-autonomous-car-hyundai-kia-deny-deal-2021-2">Hyundai, Kia</a>, and <a href="https://www.businessinsider.com/apple-car-electric-autonomous-self-driving-nissan-talks-hyundai-2021-2">Nissan</a> about partnering, according to multiple reports.</p><p>Apple has never publicly confirmed its electric vehicle plans.</p><p>Kranz worked at BMW for 30 years, and was a senior vice-president for around half of that time. While at the company he worked on the development of Minis, sports cars, and the company's first SUV. He also led BMW's Project I, which designed electric vehicles for use in large cities.</p><p>Kranz left BMW to spend around three months as chief technology officer at Faraday Future, before setting up self-driving EV startup Canoo in late 2017.</p><p>Canoo first said it would start making its EVs available <a href="https://www.businessinsider.com/canoo-replace-car-loans-netflix-style-subscriptions-2020-9?r=tl-sub">under a subscription model</a>, but has since pivoted to selling commercial vehicles. In December it announced a <a href="https://www.businessinsider.com/canoo-unveils-lineup-of-electric-multi-purpose-delivery-vehicles-2020-12">lineup of delivery vans</a> and is now moving into <a href="https://www.businessinsider.com/canoo-ev-pickup-truck-first-look-features-specs-2021-3">pickup trucks</a>.</p><p>Kranz became CEO in 2019, and the company <a href="https://www.businessinsider.com/canoo-spac-founder-daniel-hennessy-not-worried-stock-plunge-2021-6">went public via a SPAC deal that closed in December</a>.</p><h2>Apple's electric car is still years away</h2><p>Apple's self-driving car project is internally known as <a href="https://www.businessinsider.com/apple-car-hyundai-kia-near-deal-electric-autonomous-vehicle-report-2021-2">"Project Titan."</a> </p><p>The company has recently <a href="https://www.businessinsider.com/six-apple-patents-may-shed-light-on-vehicle-key-features-2021-1">patented some vehicle features</a> and <a href="https://www.businessinsider.com/apple-car-electric-vehicle-autonomous-tim-cook-project-titan-2021-4">Apple CEO Tim Cook hinted in April that the tech giant was working on an electric-vehicle project</a>, but said many of Apple's ideas "never see the light of day."</p><p>Reuters reported that <a href="https://www.businessinsider.com/exclusive-apple-targets-car-production-by-2024-and-eyes-next-level-battery-technology-sources-2020-12">Apple plans to build the car</a> by 2024, while sources told Bloomberg in January that <a href="https://www.businessinsider.com/apple-self-driving-car-at-least-5-years-away-2021-1">the vehicle was "nowhere near" production</a> and could take between five and seven years to reach the market.</p><p>Apple wouldn't be the only phone-maker looking at the booming electric-vehicle market.</p><p>In March, Chinese phone-maker <a href="https://www.businessinsider.com/xiaomi-electric-vehicle-cars-china-apple-huawei-phone-ev-2021-3">Xiaomi</a> said it planned to invest $10 billion into a new <a href="https://www.businessinsider.com/xiaomi-electric-vehicle-cars-china-apple-huawei-phone-ev-2021-3">smart-electric-vehicle unit</a> over the next 10 years, while sources told Reuters that <a href="https://www.businessinsider.com/huawei-electric-vehicles-car-2021-smartphones-us-sanctions-reuters-2021-2">Huawei's first electric vehicles</a> could arrive later this year.</p>

Apple boosts its 'Project Titan' electric car plan by hiring the cofounder of EV startup Canoo, who also spent 30 years at BMW

<p>Good evening. Here are the top stories so far today.</p><p>For more daily and weekly briefings, <a href="https://www.businessinsider.com/subscription/newsletter"><strong>sign up for our newsletters here</strong></a>.</p><p><strong>What happened today:</strong></p><p><strong>60 million doses down the drain. </strong>The FDA said <a href="https://www.businessinsider.com/fda-tells-johnson-and-johnson-throw-out-vaccine-doses-2021-6">Johnson &amp; Johnson must throw out that many COVID-19 vaccine doses</a> because of possible contamination. They were made at a Baltimore factory that's been closed for two months after workers accidentally mixed up ingredients.</p><p><strong>Probing "a gross abuse of power."</strong> The deputy attorney general <a href="https://www.businessinsider.com/doj-inspector-general-asked-to-probe-trump-seizure-democrats-data-2021-6">asked the Justice Department's watchdog to investigate the Trump-era seizure of Democrats' phone data</a>, the AP reported. It was collected in 2018 as part of an investigation into leaks to the media. Senate Majority Leader Chuck Schumer and Sen. Dick Durbin, the chairman of the Judiciary Committee, criticized the seizure as "an assault on the separation of powers."</p><p><strong>Watch out, Elon Musk.</strong> <a href="https://www.businessinsider.com/apple-electric-car-vehicle-canoo-bmw-ulrich-kranz-car-ev-2021-6">Apple hired a former BMW exec, Ulrich Kranz, to work on its electric-car project</a>. Apple plans to build a self-driving electric car by 2024 and has held talks with Hyundai, Kia, and Nissan about partnering, according to multiple reports.</p><p><strong>Don't mess with Texas.</strong> That's apparently the message Gov. Greg Abbott sent on Thursday when <a href="https://www.businessinsider.com/texas-greg-abbott-promises-to-keep-building-trump-border-wall-2021-6">he pledged to build a wall along the state's border with Mexico</a>. That directly contradicted President Joe Biden's decision to cancel the construction of the border wall given vast funding during the Trump years.</p><p><strong>I want to ride my bicycle.</strong> Biden <a href="https://www.businessinsider.com/biden-gifts-johnson-american-made-bike-during-first-overseas-trip-2021-6">gave British Prime Minister Boris Johnson an American-made bicycle and helmet</a> in their first meeting during Biden's trip to Europe. The gift was offered as "a gesture of friendship and in recognition of their shared interest in cycling," the White House said.</p><p><strong><strong style="color: #222222;">That's all for now. See you Monday.</strong></strong></p>

The company behind the world's first subscription-based electric vehicle says it's so good, it will lead to a 'post-SUV era'

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>REUTERS/Jason Lee</span></p><p class="caption">LeEco chairman Jia Yueting.</p></div><p></p></div></div></p><ul><li><strong>The electric-car startup, Faraday Future is suing two former executives who left the company and started their own EV business.</strong></li><li><strong>Faraday Future is accusing former CFO Stefan Krause and ex-CTO Ulrich Kranz of stealing its intellectual property and luring top talent away from Faraday to their own company, Evelozcity.</strong></li><li><strong>The lawsuit is happening as Faraday Future continues to struggle to find stable footing in an increasingly competitive market, and as its billionaire tech CEO, Jia Yueting, faces a debt crisis.</strong></li></ul><p>Struggling electric-car startup Faraday Future is suing two former executives, accusing them of luring away its top talent and stealing its trade secrets.</p><p>The Los Angeles-area company alleges that former chief financial officer Stefan Krause and ex-chief technology officer Ulrich Kranz, who left Faraday last year and started the electric-vehicle company, Evelozcity, coaxed at least 20 former Faraday employees to their startup, and that some of Faraday's intellectual property was stolen in the process, multiple news outlets reported on Monday.</p><p>Evelozcity denied the allegations in a statement to Business Insider on Monday: "We do not have, nor do we need, any technology from Faraday Future," the company said.</p><p>It added: "This complaint continues Faraday's pattern of hurling false and inflammatory accusations against us. We will respond to the many recklessly inaccurate allegations in this desperate lawsuit at the appropriate time."</p><p>Krause, in the few months that he worked at Faraday Future in 2017, <a href="http://www.businessinsider.com/faraday-future-executive-team-factory-2017-8">set out to raise $1 billion for the company</a>, which had been struggling under the weight of unpaid bills, lawsuits, and an exodus of employees as its finances dwindled.</p><p>Despite speaking with more than two dozen potential investors, <a href="http://www.businessinsider.com/faraday-future-fundraising-deadline-debt-2017-11">the cash-raise was largely unsuccessful</a>, current and former employees previously told Business Insider. That shortfall was due in part to anxiety over the embattled tech entrepreneur Jia Yueting, who controls the company.</p><p>A source with knowledge of Faraday's fundraising efforts told Business Insider in December that the company secured new investment, but the source and the amount remained unclear. Faraday cites that new investment in its lawsuit against Evelozcity - again with naming the source of the funds or the amount. It is possible that the information could be revealed if the legal proceedings run their course.</p><p>Meanwhile, Jia faces a mounting debt crisis in China, where he started, and later stepped down from, the tech conglomerate Leshi Internet Information &amp; Technology in May 2017. Chinese regulators have ordered him back to the country to address his debt-ridden holdings. Leshi is also <a href="http://www.businessinsider.com/faraday-future-owner-jia-yueting-pursued-over-unpaid-debts-leshi-2018-1">pursuing Jia for equity stakes in other automotive startups</a> in which he owns a stake.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/bitcoin-lacks-fundamental-value-wont-replace-gold-2018-1">Principal Global Investors CEO: Bitcoin lacks fundamental value and it won't replace gold</a></h3>        <div>                    </div>    </div>

Electric-car startup Faraday Future is suing former top executives who started a rival EV company

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Faraday Future</span></p><p class="caption">Attendees pose with the Faraday Future FF91 at the company's new manufacturing site in Hanford, CA.</p></div><p></p></div></div>Faraday Future, the electric-car startup that is developing a 1,000-horsepower, self-driving SUV, has signed a lease on what it says will be its future assembly plant.</p><p>The site, a one-million square-foot building located about 40 miles south of Fresno, California, in the city of Hanford, was one of several sites Faraday had been scouting after it <a href="http://www.businessinsider.com/faraday-future-latest-news-cash-flow-crisis-forces-company-to-leave-north-las-vegas-factory-2017-7">pulled the plug</a> on its original proposed manufacturing project in North Las Vegas, Nevadal last month.</p><p>"We know there is a lot of work and risks ahead," said CFO Stefan Krause, who was recently appointed as COO of the company. He said the new site "represents a major step forward" for Faraday after a year of executive departures, lawsuits from suppliers, and an impending cash drought. </p><p>"Investors invest in people, and our employees continue to be Faraday Future's strongest asset," Krause said.</p><p>Business Insider first reported that Faraday <a href="http://www.businessinsider.com/faraday-future-executive-team-factory-2017-8">was close to signing the deal</a> on its new facility.</p><p>The Hanford site, nicknamed the "Sequoia Plant" for its proximity to Sequoia National Park, is not quite ready for primetime, Faraday representatives said. A contingent of employees traveled to the site on Saturday for a day-long clean-up effort. Some employees - including Faraday's new chief technology officer and BMW veteran, Ulrich Kranz, could be seen painting inside the facility as the company's inaugural vehicle, the FF91, sat parked nearby.</p><p>Faraday's vice president of global manufacturing, Dag Reckhorn, said the new factory represents their commitment to getting the FF91 on the road by late 2018.</p><p>The challenges for Faraday remain steep. Krause is courting multiple investors in search of at least $1 billion in new funding. Some of those investors, Krause told Business Insider in an interview last month, have indicated their readiness to move forward with Faraday if it secured a factory.</p><p>The company recently put up its Los Angeles-area headquarters as collateral to secure a $14 million loan from Innovatus Capital, and more money will be needed to finish vehicle development and get its new California site up and running.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/gene-munster-tesla-stock-exciting-2017-7">GENE MUNSTER: Tesla is the 'most exciting story to watch'</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="VwcnEzYzE6ahIhbYOq9YHAedJnkxz4m2" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Electric-car startup Faraday Future signs lease on California factory site

<ul><li><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Faraday Future</span></p><p class="caption">Faraday Future CFO Stefan Krause.</p></div><p></p></div></div><strong>Cash-strapped electric-car startup Faraday Future will name CFO Stefan Krause as chief operating officer, in an effort to turn the stalled company around.</strong></li><li><strong>Faraday's sole known investor, LeEco founder Jia Yueting, will be named the chairman of Faraday's global executive committee.</strong></li><li><strong>The company is said to be close to securing a manufacturing facility in California after it announced last month that it was abandoning its $1 billion factory project in Nevada.</strong></li></ul><p>Faraday Future, the electric-car startup that set out to challenge Tesla with its own electric, self-driving SUV, is looking for a fresh start after a tumultuous year of executive departures, a cash shortage and lawsuits from its suppliers.</p><p>To that end, the Los Angeles-based firm plans to shake up its executive ranks, starting at the near-top. Newly hired CFO Stefan Krause, a veteran of BMW and Deutsche Bank, will also serve as COO and CMO at Faraday, according to people with knowledge of the pending announcement.</p><p>As COO, Krause will oversee strategic business decisions for Faraday until an official CEO is named, the people said. Faraday has no one operating in that role at this time. Krause will direct the company's marketing arm as CMO on a temporary basis until a permanent marketing officer is appointed.</p><p>The company last month brought on BMW's former head of electric vehicles, Ulrich Kranz, as chief technology officer.</p><p>Faraday's sole known investor, Jia Yueting, will be named chairman of the company's global executive committee, marking the first time he will assume an official role at Faraday Future. Jia is the founder of the Beijing-based electronics company, LeEco, which has been bleeding cash and laying off employees worldwide in recent months.</p><p>Unpaid loan payments prompted a Chinese court to <a href="http://www.businessinsider.com/leeco-jia-yueting-assets-frozen-amid-cash-crunch-2017-7">impose a three-year freeze on $182 million in assets</a> tied to Jia in July. The same month, <a href="http://variety.com/2017/biz/asia/court-asset-freeze-leeco-jia-yueting-1202512078/">an additional $37.2 million of Jia's assets were frozen</a> for the same period. Jia <a href="http://www.businessinsider.com/r-jia-yueting-steps-down-as-ceo-of-troubled-leshi-remains-chairman-2017-5">resigned as CEO</a> of LeEco's publicly listed arm, Leshi Internet Information and Technology, in May, citing cash problems at his non-publicly traded businesses that he said were "having a huge impact on operations."</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Bryan Logan/Business Insider</span></p><p class="caption">A view of Faraday Future's planned factory in North Las Vegas, Nevada.</p></div><p></p></div></div></p><h2>Substitute factory in the works</h2><p>According to people with direct knowledge of Faraday Future's plans, the company is close to securing a substitute manufacturing site in California. The company on July 10 said it was <a href="http://www.businessinsider.com/faraday-future-latest-news-cash-flow-crisis-forces-company-to-leave-north-las-vegas-factory-2017-7">pulling out of its proposed factory project in North Las Vegas, Nevada</a> as its funds dried up.</p><p>Faraday had purchased some 900 acres in the Nevada desert last year, where it intended to build a massive assembly plant for its electric vehicle, the FF91, and create about 4,500 jobs in the area.</p><p>"We are in a precarious situation right now," a senior-level Faraday Future employee told Business Insider before the announcement. "The generous funding we had in the past is no longer here."</p><p>It is unclear what resources Faraday is using for the substitute manufacturing facility it wants to secure in California. CFO Stefan Krause told Business Insider last month that his initial attempts to round up $1 billion from about 35 global investors were unsuccessful.</p><p>Krause suggested, however, that some potential financiers were still on the fence.</p><p>"Some of them would like to see a factory and would like to see us moving a little bit further down the road," Krause told Business Insider. "We will secure an existing facility that we can lease or buy at a low cost and then bring in our equipment and be faster to market with the FF91," Krause said, adding that Faraday had already purchased some of the equipment for the factory that was planned for North Las Vegas.</p><h2><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Ethan Miller/Getty Images</span></p><p class="caption">LeEco Founder YT Jia unveils Faraday Future's FF 91 prototype electric crossover vehicle</p></div><p></p></div></div>An uncertain future</h2><p>Lots of questions remain. Faraday officials declined to specify how it intends to pay for a substitute assembly plant, and there is still the matter of continuing development on the FF91, which has been in beta-testing for some time, but is still far from production-ready.</p><p>For his part, Jia has said he would focus his attention entirely on his auto business, even as LeEco wobbles in the background.</p><p>"Please give LeEco some time, please give LeEco car some time," <a href="https://www.reuters.com/article/us-leeco-management-idUSKBN19R0B8?il=0">Jia wrote in a post on China's biggest social-media website</a> last month. "We will pay back creditors, suppliers and any other debts."</p><p>He promised to dive headfirst into the car business with Faraday Future, but critics have said the capital-intensive endeavor is the source of his troubles. Still, Jia remained undeterred: "Our dream to revolutionize the auto industry cannot be defeated," he said.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/bitcoin-price-soar-20000-tom-lee-fundstrat-gold-2017-7">TOP STRATEGIST: Bitcoin will soar to over $20,000 by cannibalizing gold</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="U4Z2d3YjE6Y2Id8QBgiAVo1YkJnVbjNB" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

You Searched For "ulrich kranz" and got 7 results

Apple cancels self-driving EV project, to lay off workers: Report

IANS

Apple boosts its 'Project Titan' electric car plan by hiring the cofounder of EV startup Canoo, who also spent 30 years at BMW

Grace Dean

Top stories this PM: 60 million wasted doses; a new Trump probe; Biden's gift to Boris

INSIDER

The company behind the world's first subscription-based electric vehicle says it's so good, it will lead to a 'post-SUV era'

Brittany Chang

Electric-car startup Faraday Future is suing former top executives who started a rival EV company

Bryan Logan

Electric-car startup Faraday Future signs lease on California factory site

Bryan Logan

Electric-car startup Faraday Future shakes up its executive ranks amid scramble for cash

Bryan Logan

Popular Keywords

Buying Guides