Hyundai Confirms It’s In Talks With Apple To Make Electric Car
Hyundai has already produced successful electricity-powered cars. However, talks with Apple could allow Hyundai to become a leading player in the EV market.
Hyundai Motors, a South Korea business that produces a variety of technology, has already moved into the electric vehicle market alongside its competitors. With that said, it has not reached the heights of the industry leaders such as Tesla.
This looks set to change though, as the company mentioned it was in talks with Apple who are rumoured to be developing electric vehicles.
Speaking to the Financial Times, Hyundai claimed:
Apple and Hyundai are in discussions, but as it is at an early stage, nothing has been decided.
The statement didn’t have too much agency or commitment, but still saw Hyundai share prices increase by 20%. However, the company has clarified its position in the market and stated that they are looking at several possible partners.
There is a great deal of excitement surrounding Apple’s potential entry into the EV market, but the company has remained secretive and news has only been found in the form of leaks. This secrecy looks set to continue as Hyundai have since updated its statements to include US tech firms and not specifically outline Apple as a potential partner.
While it may seem odd that there is excitement around a company’s first effort in a new field, Apple has managed to cultivate an incredible reputation through its products.
Speaking to the Financial Times, an analyst at Morgan Stanley explained why Apple entering the automaker market could be important:
We’re not just talking about any ‘new entrant’ looking at autos. This is Apple. Aside from Apple’s technical knowhow and platform advantages, the company has nearly $200bn of cash and is expected to generate more than $70bn of annual free cash flow going forward.
Whether the two companies create a partnership or not, many will be excited at the prospect of the two companies talking about respective technologies. Unfortunately, it is unclear when a project from either company will be unveiled, but rumours suggest that Apple intend to sell vehicles in 2024 or 2025.
It seems that it may be a while before Apple produces EVs, but if they do arrive, many will now be interested to see if Hyundai collaborated on any areas of the vehicle. Equally, if Hyundai releases a new EV model, many will want to know if Apple had a part to play in the production.
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