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A tie-up with Hyundai could speed up Apple’s automotive secetor plans |
Hyundai Motor has confirmed it is in talks with Apple Inc to establish a partnership to develop and produce electric vehicles and related batteries.
The news that Apple is in talks with an OEM follows recent reports that Apple is progressing its automotive plans, based on new battery technology.
Hyundai Motor’s share price jumped by over 20% overnight on the news, with a company spokesperson confirming in a call with local reporters “Hyundai is at an initial stage of talks with Apple for cooperation in developing an electric car, but no decision has been made yet”.
Shares in sister company Kia Motors and its largest systems supplier Hyundai Mobis also jumped on the news, with investors excited about the growth potential that such a deal would bring.
Hyundai is investing heavily in new advanced mobility technologies, from alternative fuels such as battery-powered and hydrogen fuel-cell electric vehicles to urban air mobility (UAM) vehicles, autonomous driving, connected services, artificial intelligence and robotics.
Apple has held talks in the past with several global carmakers to jointly produce electric vehicles and for the development of autonomous driving technologies.
Last month, news emerged that Apple is developing its own self-driving vehicle technology which was expected to be ready by 2024.
The iPhone producer is also known to be developing its own electric vehicle platform, but a partnership with a leading industry player would speed up this project.
See also: Why Apple’s iCar is not pie in the sky