Hyundai in talks with Apple to develop an electric car
The dream brand of almost everyone ‘Apple’ and South Korea’s Hyundai Motor Co is in talks to build a “breakthrough” electric car that rivals with Tesla. Hyundai said it is having early discussions with the iPhone maker after a local broadcaster reported that the companies were hatching plans to develop self-driving electric vehicles.
Hyundai in talks with Apple
“Apple and Hyundai are in discussion, but as it is early stage, nothing has been decided,” Hyundai said in a statement, without revealing what exactly the discussions are about. Hyundai will also develop the vehicle’s custom battery solution and battery operations will be handed off to Hyundai or Kia factories in the U.S.
Apple in last month claimed that it is developing next level battery technology to cut costs and increase potential driving range. This electric car may have a “monocell” design and new lithium iron phosphate chemical mixture as it is rumoured.
“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 company said.
The electric car and battery tie-up, sending Hyundai shares surging 25%. Apple was moving forward with self-driving car technology and aims to produce a passenger vehicle that includes its own breakthrough battery technology as early as 2024.
Both the companies are discussing to develop self-driving electric vehicles by 2027 and develop these batteries at US factories operated by either Hyundai or its affiliate Kia Motors Corp.
However, Hyundai subsequently revised its statement in a later regulatory filing and said that it was in talks with various companies about the joint development of autonomous electric vehicles but did not name Apple. It has to yet publicly announce.
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