A quote from a high-level HTC executive is circulating this morning categorically denying that the company is building an Android Wear smartwatch, despite a leak of what very much looks like an HTC / Under Armour Android Wear smartwatch last week. So, what do we believe? Well, after reaching out to HTC, they confirmed to us that the quote - "we're not going to have an Android watch" - is accurate. I would take that as the end of discussion on the matter: No HTC Android Wear smartwatch is happening.
Further, speaking to an unnamed source, we've learned that the Under Armour watch pictured above is actually a very old prototype, not something the company is currently working on, and probably hasn't worked on in a long time. It seems possible that someone, maybe a former HTC employee on the project, held onto the device and is publishing the images for kicks. Or maybe somebody found it in a drawer. Who really knows.
Either way, that's settled. As to why the project was cancelled? The same interview basically gives us the answer, if indirectly: Android Wear is not commercially successful. I can't say I blame HTC for staying away.