Apple Is No Longer In Talks With Hyundai Or Kia To Make Electric Car
There was a buzz around Hyundai when it was thought the automotive manufacturer may be in discussions with Apple about a new vehicle, but these talks have reportedly stopped.
Rumours about Apple developing an electric vehicle (EV) excited many fans of the technology company. This anticipation grew when Hyundai claimed it had entered discussions with Apple, and the stocks of the South Korean car company increased in value significantly. However, both Hyundai and its subsidiary Kia are now no longer in talks with Apple.
If the partnership would have gone ahead, the platform for Apple’s Project Titan autonomous EV would have been built in North America by Hyundai, while Apple would have developed its hardware and software.
Despite being in early discussions, it seems that Apple will be pursuing different partnerships. According to Bloomberg, people close to the matter informed the outlet that the discussions had come to a halt last week. Those who gave the information to Bloomberg asked not to be named because the talks and situation are not public yet.
The South Korean car company now looks set to continue its venture into the EV market. The regulatory filings published by the company explained that the company would invest in electric vehicles.
Lee Jae-il, an analyst at Eugene Investment & Securities Co. in Seoul, explained to Bloomberg the impact that the stopped talks with Apple will have on Hyundai:
Talks with Apple ending aren’t going to dampen Hyundai’s strategy because the automaker already has set up plans on its EV business with the Ioniq brand. There’s still possibility for Hyundai and Kia to cooperate with other automakers for its EV platform.
In terms of Apple’s development of an EV, it is still unclear whether the company will begin producing cars. There have been claims that the company is in talks with several automobile manufacturers, but there hasn’t been any concrete information about the project. South Korean news outlets have reported that Apple’s EV will enter production in 2024, but this hasn’t been confirmed by the company either.
While Hyundai looks set to develop more EVs as they become increasingly popular, it is unclear exactly what Apple is working on. Hyundai will likely update consumers about its new projects and technology fairly frequently. Conversely, questions will continue to surround Apple, which, as ever, is keeping details under wraps.
Many will be keen to see exactly what Apple has been talking to automakers about, but given the company’s secrecy, it seems they may have to wait a while to find out.
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