Global tech giant Apple suffered a heavy blow on April 8. In an exclusive report, Nikkei Asia revealed that Apple’s electric vehicle project, codenamed Project Titan, has encountered significant technical obstacles during engineering testing, resulting in a delay of several months to mass production. The news raised market concerns over its long-term transformation, causing Apple’s stock to plunge more than 5% during intraday trading, erasing over $100 billion in market value and dragging down the Nasdaq.
According to the report, core technologies of the Apple car — including its autonomous driving system and on-board battery system — failed to meet testing expectations, with multiple key indicators lagging behind rivals such as Tesla and BYD. Apple originally planned to launch its first electric vehicle by the end of 2026, but has now been forced to revise its timeline, pushing mass production back to at least mid-2027. In addition, project costs have continued to soar past $10 billion, intensifying internal disagreements over its future.
Launched in 2014, the Apple Car project has undergone multiple restructurings and is seen as Apple’s most important cross-border transformation since the iPhone. The latest delay not only hurts market confidence but also highlights the difficulties tech giants face when entering the automotive industry. The global new energy vehicle market is already fiercely competitive, with Tesla cutting prices to gain share and Chinese manufacturers like BYD making technological breakthroughs — meaning Apple has missed the optimal entry window.
Dragged down by Apple, global tech stocks retreated broadly. Among major US tech firms, Microsoft, Google, and Amazon all fell more than 1%. European tech stocks also weakened. Market analysts pointed out that Apple’s revenue growth remains heavily reliant on iPhone and services, with weak innovation momentum. The car project delay has further exacerbated growth anxiety. In the first quarter of 2026, Apple’s revenue rose only 2.1% year-on-year, falling short of market forecasts.
Nevertheless, some institutions remain optimistic about Apple’s long-term prospects. Morgan Stanley noted that Apple has accumulated profound technologies for automotive applications, and the delay is only a short-term setback; the firm is still capable of reshaping the automotive industry in the long run. In the near term, however, Apple’s stock may remain under pressure, with markets focusing on its Q2 earnings report on April 30 for new signs of growth.
