Apple Inc AAPL shares are extending losses Tuesday afternoon following reports that the Cupertino-based company has scaled back self-driving plans and pushed its electric vehicle launch date out to 2026.
What To Know: Apple has not made any official announcements about a potential self-driving electric vehicle, but rumors of such a project have been circling for quite some time.
According to a Bloomberg report, Apple's car project, known as "Titan" internally, now features a "less-ambitious" design that will include a steering wheel and pedals. The planned vehicle's autonomous capabilities will also be limited to highways.
The news comes as Apple battles supply-chain challenges in China as a result of prolonged COVID-19 restrictions.
UBS analysts have indicated that Apple could miss estimates by 16 million units this year. Loup Funds' Gene Munster has said the company could lose up to $2 billion a week amid shutdowns.
AAPL Price Action: Apple has a 52-week high of $182.94 and a 52-week low of $129.04.
The stock was down 2.67% at $142.72 Tuesday afternoon, according to Benzinga Pro.
Photo: courtesy of Apple.
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