This represents a significant setback for Apple, which invested a huge amount of capital in the ambitious project over the years. Apple had always believed that its massive cash reserves would enable it to develop an electric car that could easily compete with Tesla.

However, after seeing that the technological advancement and quality of Chinese electric cars are far surpassing Tesla, Apple decided to give up on the massive investment it had made in this project over the last decade and essentially concede to the technological superiority of Chinese electric car manufacturers.