Hyundai Motor, Apple In Early Stage Discussions Reportedly Over Developing Electric Car

South Korea’s Hyundai Motor Co. is in talks with Apple reportedly over working together on developing an electric vehicle. The discussions are in a very early stage and nothing has been finalized yet. Without mention what the talks are about, Hyundai Motor said the tech giant is in talks with various automakers across the globe and Hyundai Motor is one of them. “Nothing has been decided,” the company said. The statement comes after local media reported that Apple has put forward the terms of the tie-up and Hyundai Motor is reviewing it. As per the report, the proposal includes both development of batteries as well as the production of electric vehicles. “The electric vehicle could be launched in 2027,” the report said.

While Hyundai Motor issued a statement on the report, Apple has refused to comment. “We have been getting a lot of queries regarding cooperation for autonomous driving electric vehicles. Discussions are going on but no decisions have been made as they are in a very early stage,” the company said. The development comes days after reports emerged that Apple has been working on developing an electric car under Project Titan. The report quoted sources familiar with the matter as saying that the iPhone maker has set the target of launching its electric car by 2024.

The reports sent shares of Hyundai soaring but prominent Apple analyst Ming-Chi Kuo feels that the hype is merely speculation. Kuo said that these companies may provide some part for the electric vehicle of Apple. Talking about the launch date, Kuo said that he would not be surprised if Apple fails to launch the vehicle until 2028 or later. He said that this would be a possibility only if Apple starts full-fledged development of the vehicle immediately. Kuo even said that all the specifications of the electric vehicle being developed by the tech giant will be known only by 2022. He also opined that despite having an edge, it is not important that Apple will succeed in new business.