Why An Electric Car Deal With Hyundai Would Be A Good Thing For Apple
01/08/21 AT 8:35 AM
Hyundai (HYMTF) has confirmed it is in the early stages of talks with Apple (AAPL) to produce an electric, self-driving car, which could be a boon for the tech giant.
While nothing has been confirmed by either party, Hyundai representative Chery Kang told CNBC, “We understand that Apple is in discussion with a variety of global automakers, including Hyundai Motor. As the discussion is at its early stage, nothing has been decided.”
The Korea Economy Daily reported (via Reuters) that Apple was reviewing the terms of a partnership with Hyundai that included both electric vehicle production and battery development at U.S. production plants by Hyundai or its affiliate Kia, with vehicles expected to be released in 2027.
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Following the news, the shares of Hyundai skyrocketed 19.4 per cent in Seoul, with its affiliate Kia also seeing a rise of 8.4 per cent at the close
Hyundai Motor said on Friday that early talks are going on with Apple after local media reported that the two giants were discussing a tie-up to develop electric cars and batteries. Apple and Hyundai are in discussion, but as it is early stage, nothing has been decided, Hyundai, in a statement, said.
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Korea Economic TV said that Apple had approached South Korean auto giant Hyundai for a potential partnership to manufacture electric cars and batteries for them.