Technology

Shares of Hyundai Motors Co. climb more than 20% on potential EV deal with Apple – TechCrunch

Hyundai Motor Company is downplaying studies that it’s in talks with Apple to supply an autonomous electrical automobile, stating that discussions are nonetheless within the “early stage” and nonetheless undecided. However the information of a possible tie-up (nevertheless tentative) with Apple, which is understood for retaining a decent lid on offers earlier than they’re introduced, was sufficient to ship shares of Hyundai Motor Firm up more than 20% on the Korea Alternate throughout buying and selling on Friday.

The talks had been first reported by the Korea Financial Day by day and confirmed by Hyundai to Bloomberg in an announcement that stated “Apple and Hyundai are in dialogue, however as it’s at early stage, nothing has been determined.” The Korean auto large additionally instructed CNBC that “we perceive Apple is in dialogue with a wide range of international automakers, together with Hyundai Motor. Because the dialogue is at its early stage, nothing has been determined.”

A Hyundai spokesperson declined to remark to TechCrunch. Apple has additionally been contacted for remark.

Final month, Reuters reported that Apple’s automobile initiative, known as Mission Titan, remains to be occurring, with plans to develop an autonomous electrical passenger automobile. However the automobile shouldn’t be anticipated to launch till 2024.

Hyundai launched its personal electrical automobile model, Ioniq, in August 2020, with plans to convey three all-electric autos to market over the following 4 years, as a part of its technique to promote a million battery electrical autos and take a ten% share of the EV market by 2025. Hyundai additionally has a three way partnership with autonomous driving expertise firm Aptiv to make Stage 4 and Stage 5 production-ready self-driving techniques out there to robotaxi, fleet operators and automakers by 2022. The Aptiv partnership was introduced in 2019.

 

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