Apple Inc. and Hyundai Motor are planning to sign a partnership agreement working on autonomous electric vehicles by March this year, with production beginning in the US in 2024, according to a report by Korean tech news outlet ET News yesterday.
Hyundai
Credit: Hyundai Motor
The news report comes two days after Hyundai released a statement saying that it was one of many carmakers that Apple was holding early-stage talks with following a report in another local media outlet that the two were pencilling in 2027 launch the vehicle.
Less than 30 minutes later, the statement was revised, removing any mention of other carmakers.
The news sent Hyundai shares skyrocketing by almost 20%.
Read more: Hyundai to develop own EV platform & charging systems
Just a few hours later, the South Korean company revised the statement again, this time removing all mention of Apple, which is known for its secrecy with regard to partnerships and new products.
“We’ve been receiving requests for potential cooperation from various companies regarding development of autonomous EVs,” the latest version said. “No decisions have been made as discussions are in early stage.”
Apple has not commented on the news.
The development of a potential partnership with Hyundai comes at a time when market interest in Apple's EV ambitions is mounting.
The tech giant is widely seen as one of the biggest threats to industry leader Tesla, not to mention traditional automotive companies like Volkswagen, Ford, and Toyota.
However, setting up a car plant is a costly and timely endeavour, and Apple has no production capabilities or sales networks through which it can sell its cars, which is why a partnership is necessary for the tech company.
Hyundai is regularly ranked as the world's fifth-largest automotive company in terms of sales and in recent years the company has been on a spree of partnerships and investments researching and developing new auto tech including driverless, electric and flying cars.
Read more: Boston Dynamics sold to Hyundai in $1.1 billion settlement
In 2019, the company announced a $4 billion autonomous driving joint venture with auto tech group Aptiv, and in December it acquired a majority stake in mobile robotics company Boston Dynamics.
Back to Homepage
Back to Transportation