In what has been a busy few days for Apple Car rumors, there is yet another update with Hyundai and Kia saying that they are not in talks with Apple. Both companies had been in the news recently regarding the manufacturing for Apple Car and saw their shares surge, but as per the latest official reports, both of them are not in discussions anymore with the Cupertino tech company.
As per Bloomberg, Apple has paused discussions with both these companies but still continues to talk to other automobile manufacturers, including six in Japan. It is unclear what this means for reports of Apple investing $3.6 billion with Kia to create a plan in Georgia for its EV.
Apple Cars talks paused with Hyundai and Kia
Apple Car rumors have been floating around for many years now, but they have gained steam this year. Hyundai had publically stated that it was in touch with Apple for its autonomous EV. It is certain that Apple would not have liked that as the company is known for secrecy and does not respond well to companies that leak future product plans. Hyundai later changed its public statement from ‘talks with Apple’ to ‘talks for potential cooperation with many companies’.
Bloomberg reports that even if Apple does not partner with Hyundai, the South Korean companies still have plans for electric vehicles.
“Talks with Apple ending isn’t going to dampen Hyundai’s strategy because the automaker already has set up plans on its EV business with the Ioniq brand,” said Lee Jae-il, an analyst at Eugene Investment & Securities Co. in Seoul. “There’s still possibility for Hyundai and Kia to cooperate with other automakers for its EV platform.”
As expected, after reports went public that Apple has paused talks with these companies, Hyundai saw its shares slump by 8.4% and Kia saw its shares fall by 15.3%.
Analyst Ming-Chi Kuo recently reported that Apple is aiming to create an EV that would rival the likes of Tesla. Initial rumored specs say that Apple is aiming to create a car that can reach 80% charge in 18 minutes, has a top speed of 260kph, and supports over 500km range. It has also been speculated that Apple Car will use new battery technology to enable its long-range.
Apple Car is expected to hit the market after 2024, so there is still some time for the company to find its manufacturing partner. With the money Apple has, it could even buy an automobile manufacturer, which would make its future plans official for all.