Korea IT News reported on Sunday that tech giant Apple will team up with Hyundai and begin production of the car in 2024 in the United States. The news caused Hyundai shares to rise 20%.
The report follows a statement from the Japanese automaker on Friday that revealed it was in talks with Apple to develop a partnership that would lead to the manufacture of a fully electric car that will be fully autonomous. There are rumors that Apple has long been interested in joining the automotive market because it is the world’s most popular tech brand, but it may have needed advice from an already established automaker.
Hyundai has not commented on the report, according to Reuters, but said he had been in contact with several companies about the possibility of developing electric cars for the future.
The report of Korea IT has been revised several times since its initial publication on Sunday. Details that include production location and capacity, as well as the timeline for signing the deal and launching a ‘beta’ version of the car, have all been removed. Additionally, the report said Apple and Hyundai were planning to build the vehicle at a Georgia manufacturing facility that builds Kia cars. Kia is a subsidiary of Hyundai, but it was also in the cards that a new facility could be built, which would manufacture 100,000 units per year until reaching a maximum production volume of 400,000 cars.
Teslarati has repeatedly reported Apple’s desire to build a fully electric car that can drive automatically. In December, we announced that TSMC, which supplies semiconductors to Apple, was in the market to help Apple. Last week, we also reported that Hyundai had confirmed that Apple was going to build an electric vehicle, but its release date was set for 2027.
Hyundai confirms Apple is building electric vehicle, but could be released around 2027
Nevertheless, developments are early and the date is far from solidified. Too often, automakers set high expectations for themselves that result in the inability to produce a fully electric car. This leads EV enthusiasts to lose faith in a particular company, which has only strengthened Tesla’s reputation as a leader in EVs because it has been able to meet deadlines.
Tesla plans to hit range 5 next year, says Elon Musk, and a $ 25,000 car will be launched in the next few years as well. It is not known if Apple and Hyundai can compete with Tesla. Nonetheless, increased competition in the market, especially from a tech giant like Apple, could lead to a more robust market that would allow more progress in the industry.
What do you think? Leave a comment below. Do you have any advice? Write to us at [email protected] or contact me at [email protected].