Hyundai confirms Apple is developing an electric auto

Andrew Cummings
January 11, 2021

Per CNBC, Hyundai claims it's in early negotiations with the iPhone maker over potentially working together on an electric auto - a fact which has caused the vehicle manufacturer's shares to soar by 19%.

A cable TV unit of Korea Economic Daily first reported the discussions with Apple, saying that Hyundai completed internal talks on the project and is awaiting approval from its chairman. The broadcaster didn't cite sources. But there is a secretive aura around most of the development work Apple does and as such, details are rather sketchy and the company declining to either confirm or negate reports and rumours.

The Seoul-based automobile manufacturer stated in a regulatory filing to have received several requests for cooperation on joint development venture of autonomous electric vehicles from different companies.

Apple didn't immediately respond to requests for comment.

The potential tie-up could offer an indicator that plans for Apple's long-awaited electric vehicles are advancing.

The South Korean auto firm's share price rocketed more than 20 percent yesterday when the news was announced.

Analyst Daniel Ives of Wedbush, in a note this week, predicted that Apple will make some sort of announcement this year, which "lays the groundwork to enter the burgeoning EV space".

We recently also reported about Hyundai Motor Group's aim to lead the EV movement, and soon introduce a an all-new dedicated EV platform that will underpin a range of upcoming Hyundai, Kia as well as Genesis EVs. Due to the fact the report mentions "negotiations", a deal may possibly not be established as of nevertheless, so Apple's ideas could adjust.

News of these talks between Hyundai and Apple comes shortly after it was revealed that Apple's vehicle could be 5-7 years away.

The rumored "Apple Car" has been floating around the tech and automotive realm for several years now. And Hyundai on Friday appeared skittish about providing more details.

As most of you already know, Lenovo is now the leading PC maker globally with various models at different price ...

The logo of Hyundai Motors is seen on a steering wheel on display at the company's headquarters in Seoul, South Korea, March 22, 2019.

By initially naming Apple, Hyundai risks the ire of the technology giant known for its secretiveness when it comes to new products and partnerships.

In a tweet, the South Africa-born billionaire said during the company's "darkest days" in 2017, when it was struggling financially to fund the project, he reached out to Cook to discuss a possible sale of the firm, which at that point was valued at around US$60bn.

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