News of Apple partnering with Hyundai to assemble the Apple Car at its manufacturing sites in the United States are circulating in the industry. Now, TF Securities analyst Ming-chi Kuo has corroborated those reports by stating that the two companies are working together on an electric car.
According to Kuo, Apple’s first car will be based on Hyundai’s E-GMP platform for battery-powered electric vehicles. The analyst also touches on the pricing of the vehicle and an expected launch timeline.
Apple Car to feature top speed of 260kph, over 500km range and 80% charge in 18 minutes,
In his research note, Kuo wrote details on the supply chain prospects of the project, and how companies like Foxconn will benefit from it. According to Kuo, Apple “will deeply cooperate” with Hyundai on Apple Car Kia will provide a production line in the United States. Kuo goes on to state that if the partnership with Hyundai is successful, the Cupertino tech giant could build further connections with the likes of General Motors and Groupe PSA.
In terms of development, Kuo says Apple’s venture with Hyundai will significantly reduce development time since the tech giant will be able to utilize existing car factory resources. Kuo emphasizes the rumors which suggest there will be a focus on autonomous driving software and hardware with Apple’s vehicle.
“We believe that Apple will leverage existing automaker resources and focus on self-driving hardware and software, semiconductors, battery-related technologies, form factor and internal space designs, innovative user experience, and integration with Apple’s existing ecosystem.”
Kuo again reinstated that Apple Car would be released in 2025 at the earliest since manufacturing a vehicle takes much longer as compared to something like iPhone 12.
“We predict that Apple will launch the Apple Car in 2025 at the earliest. The new iPhone takes about 18–24 months from initial specification definition to mass production based on experience. Given the longer development time, higher validation requirements, more complicated supply chain management, and very different sales/after-sales service channels for the automobiles, we believe that Apple, which lacks car building experience, is already on a tight schedule if it wants to launch the Apple Car in 2025.”
On the topic of price, Kuo simply states Apple Car will be “a very high-end model”, with a sale price and component cost higher than that of ordinary electric vehicles. In terms of investment, investors should look to established carmakers like Hyundai, not Apple’s regular manufacturing partners like Foxconn.
In terms of specs, Kuo notes that Apple Car could be based on Hyundai’s E-GMP chassis. The BEV based offers a range over 500km on a full charge, zero to 100kph acceleration in 3.5 seconds, a top speed of 260kph, and charging to 80% in just 18 minutes
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