Apple has scrapped its plans to launch a self-driving electric car, according to new reports.

The technology brand never publicly acknowledged the project, but it's believed to have been working on it for the last decade.

Known as "Project Titan", the Apple car was expected to take the form of an MPV-style shuttle.

Apple shared its decision to cancel the project internally, according to Bloomberg. Around 2,000 employees were working on the project.

The resource will now be redirected to the company's AI projects.

Apple has declined to comment on the matter, but it's believed that the decision was made due to low margins the car was expected to deliver in the current market.

Global investment interest in electric vehicles (EVs) is falling. Tesla shares have fallen by 30% this year, Renault recently confirmed it will not float its EV development arm Ampere due to a lower-than-expected valuation and Volkswagen has also delayed its plans to list shares in its battery manufacturing business.

The news from Apple comes just weeks after Volvo confirmed it will stop funding Polestar and is planning to reduce its shareholding in the company.