Hyundai Motor says it's in talks with Apple to develop an electric vehicle
Hyundai Motor stocks rise upon news of talks with Apple to develop a car.
The rumored “Apple Car” has been floating around the tech and automotive realm for several years now. Now, there’s reason to believe that we’re getting closer to the Apple Car becoming a reality. Hyundai Motor has revealed that it’s engaged in early talks with Apple to develop a car, specifically an electric vehicle. Hyundai Motor stocks have leaped in the wake of this news.
A representative of Hyundai Motor spoke with CNBC about the possible collaboration with Apple. “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,” they said. The representative clearly states that their discussions with Apple are preliminary, and that the tech giant has also spoken with other manufacturers about potential collaborations. However, that didn’t stop Hyundai Motor’s stock from jumping up 19% upon this news.
As for specifics on the car, the two companies spoke about developing an electric vehicle, and that it could approximately release around 2027. Hyundai Motor seems a bit more open to discussing the plans, as Apple declined to comment on the matter when contacted by CNBC.
An Apple Car has been on the minds of consumers for several years now, and seems like the next logical step for the massive tech company. With the ongoing success of Tesla in the market of electronic vehicles, it’s no surprise that Tim Cook and company are looking to join the fray. With Hyundai seeing a sharp rise in value just off the news of negotiations, it’s likely the automotive company will pursue this endeavor with Apple.
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