Shares of Hyundai Motors Co. climb more than 20% on potential EV deal with Apple


Techcrunch-U5Hsm7.gif

Hyundai Motor Company is downplaying reports that it is in talks with Apple to produce an autonomous electric vehicle, stating that discussions are still in the “early stage” and still undecided. But the news of a potential tie-up (however tentative) with Apple, which is known for keeping a tight lid on deals before they are announced, was enough to send shares of Hyundai Motor Company up more than 20% on the Korea Exchange during trading on Friday.

The talks were first reported by the Korea Economic Daily and confirmed by Hyundai to Bloomberg in a statement that said “Apple and Hyundai are in discussion, but as it is at early stage, nothing has been decided.” The Korean auto giant also told CNBC that “we understand 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.”

A Hyundai spokesperson declined to comment to TechCrunch. Apple has also been contacted for comment.

Last month, Reuters reported that Apple’s car initiative, called Project Titan, is still going on, with plans to develop an autonomous electric passenger vehicle. But the car is not expected to launch until 2024.

Hyundai launched its own electric vehicle brand, Ioniq, in August 2020, with plans to bring three all-electric vehicles to market over the next four years, as part of its strategy to sell one million battery electric vehicles and take a 10% share of the EV market by 2025. Hyundai also has a joint venture with autonomous driving technology company Aptiv to make Level 4 and Level 5 production-ready self-driving systems available to robotaxi, fleet operators and automakers by 2022. The Aptiv partnership was announced in 2019.

 


Like it? Share with your friends!

What's Your Reaction?

hate hate
0
hate
confused confused
0
confused
fail fail
0
fail
fun fun
0
fun
geeky geeky
0
geeky
love love
0
love
lol lol
0
lol
omg omg
0
omg
win win
0
win

0 Comments

Your email address will not be published. Required fields are marked *

Choose A Format
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Poll
Voting to make decisions or determine opinions
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Countdown
The Classic Internet Countdowns
Open List
Submit your own item and vote up for the best submission
Ranked List
Upvote or downvote to decide the best list item
Meme
Upload your own images to make custom memes
Video
Youtube, Vimeo or Vine Embeds
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format
Send this to a friend