Apple (AAPL) is reportedly abandoning plans to develop a MicroLED display for the Apple Watch, and the company allegedly stopped development of the display while deciding to cancel the self-driving car project, finding it too costly and complex.

The decision is in line with earlier rumors by Apple analyst Ming-Chi Kuo. He said the company canceled its in-house developed MicroLED display because the production cost was too high and it was not economically feasible. As a result of the termination of the project, Apple has cut dozens of engineering jobs, some of which are located at the company's display manufacturing facility in California, according to Bloomberg.

Last year, rumors spread in the capital about Apple developing its own MicroLED display for its smartwatch. It was reported at the time that Apple was preparing these displays for the Apple Watch to be launched in 2024 or 2025 to reduce reliance on display designs from companies such as Samsung or LG.

Currently, the Apple Watch uses an OLED display; however, in addition to higher efficiency, it is unclear what other advantages the MicroLED display has. Apple doesn't seem to be abandoning MicroLED technology entirely, though, and the company is still struggling to find new suppliers and processes to integrate the technology.