Bad news for fans of shiny things designed in Cupertino and built in China: Apple has apparently killed off its electric car project. After years of will-they-won’t-they rumors—are-they-really-building-it speculations and who might they be building it with—it seems we finally have an answer. It’s not happening.

Bloomberg is reporting that Apple has announced the death of the project in an internal disclosure to the roughly 2,000 staff members who were working on it. The news was broken by Apple COO Jeff Williams and the VP in charge of Project Titan (the nickname for the car project), Kevin Lynch.

According to the report, many of the team members will be transferred to work in the company’s artificial intelligence division, but as the project also employed numerous car designers and hardware engineers, an unspecified number of layoffs will also take place. The decision will come as a surprise to many, especially as the tech giant has already spent a good 10 years and billions of dollars on it.

The call to cancel the iCar apparently came right from the top, after the undertaking reached a make-or-break decision point. According to the internal sources who leaked the decision, company bosses were initially considering delaying the launch to 2028 or scaling down technical specifications.

With a targeted sales price of $100,000 (P5.6 million), Apple’s chiefs are also said to have been concerned about profit margins and the fact that this type of product category was totally new to the company. So it seems they called it quits and will stick to building consumer electronics instead.