Well, days after a photo of what netizens called a prototype of an Apple Car, yes you heard it right – Apple Car, went viral, South Korean carmaker Hyundai has confirmed that it was indeed in talks with the Cupertino-based tech giant to bring an electric car. Following the revelation that it was in talks with Apple over potentially working together to develop a car, shares of Hyundai jumped more than 19 per cent. “We understand that Apple is in discussion with a variety of global automakers, including Hyundai Motor. As the discussion is at its early stage, nothing has been decided,” a representative from Hyundai Motor told CNBC’s, Chery Kang.Also Read - iCar on Charts? Apple May Launch Its First Self-driving Car by 2024
Earlier, a Korean Daily (Korea Economic Daily TV) reported that Hyundai Motors was in talks with Apple to finalise a deal on making of a car. The news report said that both electric vehicle production and battery development was included in the proposal. According to the daily Apple Car would be launched in 2027, however, Apple have not confirmed anything on the matter. Also Read - Hyundai Nexo India Launch Likely Soon, Feasibility Study Underway
“We’ve been receiving requests of potential cooperation from diverse companies regarding development of autonomous driving EVs, but no decisions have been made as discussions are in early stage,” Hyundai statement later said. Hyundai did not mention Apple’s name in the statement. Also Read - Apple Car May Become Reality in 2023
Earlier, A Reuters report had claimed that “Apple was moving forward with self-driving car technology and was aiming to produce a passenger vehicle that could include its own breakthrough battery technology as early as 2024.”
Apple Car is a long-talked thing and the demand and expectations often find a space in social media or the internet.
Hyundai works with Apple for Car Play, the infotainment system in its cars. A partnership with Apple would be a major shot in the arm to Hyundai as its global sales in 2020 fell more than 15% due to the coronavirus pandemic.
Friday’s share price surge added nearly $8 billion to Hyundai’s market value.
“Over the last six years we have seen many twists and turns in Apple’s automotive ambitions,” CNBC quoted analysts Daniel Ives and Strecker Backe from Wedbush Securities.
“Project Titan as it’s been known within the halls of Cupertino has ultimately been significantly scaled down from its initial ramp a few years ago and now appears to be front and centre again on the radar screen of the Street,” they said.