Apple Inc. (NASDAQ:AAPL) is in talks with South Korean car manufacturer, Hyundai Motor regarding a collaboration to develop driverless, electric cars.
Hyundai in discussion to develop Apple’s electric car
A Hyundai representative stated that they are aware that Apple is a discussion with various car makers including Hyundai on the possibility of developing an electric car. The representative said that discussions are at early stages and a decision is yet to be finalized. The announcement sent Hyundai shares soaring on Friday. Interestingly the statement didn’t offer finer details but just a confirmation of the iPhone maker’s electric car efforts.
Apple has been working on the electric car project for over six years as it watches Tesla Inc. (NASDAQ:TSLA) ignite interest in electric cars. There have been twists and turns about the iPhone maker’s car ambitions. Wedbush Securities analysts said in a note that ”Project Titan” as it has been known at Apple has been scaled down in the last five years but it seems now there is rife speculation again that the company is going on with the plans.
Over the past few weeks, the company contacted suppliers regarding the possibility of having its own electric car. A source familiar with the matter indicated that the company had set sights to commence production as early as 2024. The company has early shelved its efforts to create its electric car and focus on driverless car tech. Apple has not commented on the issue.
Hyundai review proposal terms
The statement comes following a local report in Seoul from the Korea Economic daily which alluded to the cooperation and that Hyundai was reviewing terms. The report had indicated that the proposal had included both electric car production and battery development with the car potentially launching in 2027.
An updated statement from Hyundai didn’t mention Apple and stated that the company has been receiving requests for possible cooperation with different companies over the development of autonomous EVs. However, the company is yet to decide and talks are still in the preliminary stage.