Apple and Hyundai are reportedly in early-stage talks over an electric car partnership – sparking a 25 percent rise in Hyundai’s share price.
The Korean car manufacturer has since backtracked over the official statement, merely saying it was in talks with a number of partners.
Apple wasn’t named in the revised statement.
The tie-up would reportedly include both electric cars and batteries, according to a domestic broadcaster.
In December 2020, Reuters reported Apple had decided to move forward with its self-driving car project and was targeting 2024 to release a passenger electric vehicle with ‘breakthrough’ battery technology.
‘Apple and Hyundai are in discussions but they are at an early stage and nothing has been decided,’ said Hyundai in an official statement.
Apple declined to comment, said Reuters.
The iPhone maker has been considering an electric car, known as Project Titan, since back in 2014.
The BBC says the sticking point has long been who would manufacture the car, as it would be difficult for Apple to do so on its own.
“Apple outsourcing car production to Hyundai makes sense, because it is known for quality,” Jeong Yun-Woo, a professor at a South Korea university (and former Hyundai designer) told Reuters.
“But I’m not sure whether it is a good strategy for automakers [who] face risks of losing control to tech firms.”
Experts have told the BBC an electric Apple car is at least five years away.
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