Apple Inc. has announced the cancellation of its decade-long car manufacturing project, shifting its focus towards generative AI. The automotive team, comprising nearly 2,000 employees, may either be internally reassigned or laid off. Apple's stock price saw a slight increase of 0.81%. Tesla CEO Elon Musk celebrated the news. Apple had envisioned creating a fully autonomous electric vehicle but faced market challenges. Apple CEO Tim Cook stated that generative AI presents an opportunity for Apple and plans to offer generative AI capabilities by the end of 2024.