Hyundai negotiating with Apple to manufacture its self-driving electric vehicle

Hyundai negotiating with Apple to manufacture its self-driving electric vehicle

The filing did not mention Apple or any other companies by name, but a report by Korea Economic Daily TV on Friday morning said Hyundai was in talks with the iPhone maker to jointly develop electric vehicles and batteries.

Shares in South Korean automaker Hyundai have soared on the back of reports it was in talks with Apple for a joint project to manufacture self-driving electric vehicles.

In December, sources told Reuters that Apple, whose first forays into the electric-car domain have ebbed and flowed since 2014, now aims to produce a vehicle with its own battery technology by 2024.

Multiple prior rumors have suggested that Apple will work with a manufacturing partner to produce the ‌Apple Car‌, but until now, there hasn't been word on which manufacturer Apple might team up with.

Apple is reportedly in talks with Hyundai about developing its upcoming electric cars. "As the discussion is at its early stage, nothing has been decided", a representative from Hyundai Motor said in a statement.

For some time now, Apple has made little secret of its desire to develop a electric vehicle.

Hyundai surprised by revealing that it was in talks with Apple for the production of an electric auto.

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The rumored "Apple Car" has been floating around the tech and automotive realm for several years now.

Hyundai's stock jump in Seoul was the biggest since 1988. However, this means, the Cupertino giant is actively searching for components for its next product, the Apple Car.

"We've been receiving requests for potential cooperation from various companies regarding development of autonomous EVs (electric vehicles)", Hyundai said. It didn't say what the talks were about and omitted a reference in an earlier statement to Apple being in discussions with other global automakers as well as Hyundai. It was reported in 2016 that the Apple auto project was dead in the water after Apple cut hundreds of positions and had switched its focus to pursuing self-driving technology that can be applied to other cars.

"Apple needs to partner a carmaker because it doesn't have production capabilities and sales networks to sell its cars", said analyst Lee Han-joon of KTB Investment and Securities in Seoul. Battery operations will be handed off to Hyundai or Kia factories in the USA, according to the source.

Known as the Project Titan, Apple auto development has encountered numerous ups and downs, including the layoff of 190 employees in 2019.

An Apple Car has been on the minds of consumers for several years now, and seems like the next logical step for the massive tech company.

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