When asked by CNBC, a Hyundai representative said Apple was “in talks with various global automakers, including Hyundai Motor.” The Korean company said that the talks were at an early stage and therefore nothing had been decided, and re-examined their comments a few hours later. Even so, stocks on the Seoul Stock Exchange rose more than 20%.
“We have received inquiries from various companies about possible cooperation in the development of autonomous electric vehicles. No decision has been made as the discussions are in the early stages, “Hyundai said in its latest statement to Bloomberg. If the manufacturer backed down, it’s likely because Apple doesn’t want to disclose any more at the moment. It is known that the Cupertino company does indeed remain very secret about its partnerships.
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That announcement obviously concerns the Apple Car, the Apple-branded electric car that we’ve heard of for nearly six years under the code name Project Titan. Until recently, rumors about it were much more subdued, but a Reuters article in December 2020 brought it back to the fore by claiming Apple could market its vehicle as early as 2024. Analyst Ming-Chi Kuo, specialist in the apple brand, is going in the same direction and has indicated a range between 2024 and 2027 for the arrival of the Apple Car.
With an autonomous vehicle, Apple would enter a market very different from what it knows, especially with very high investments for low margins. It’s a booming sector nonetheless, as soaring Tesla shares demonstrate, making Elon Musk the richest man in the world. The company’s success also inspires many startups to enter this market. Apple will likely need to partner up to develop its own vehicle, so a giant with Hyundai’s expertise would make sense. Cupertino company is set to develop a revolutionary battery for his vehicle, while Doug Field, former chief engineer at Tesla, helps him lead his project. Apple declined to comment on Hyundai’s statements.
The Korean giant has reiterated its commitment to investing $ 91 billion in electric vehicle development by 2025, the Wall Street Journal recalls.