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Apple IncAccording to Bloomberg, the rumored talks (NASDAQ: AAPL) with Hyundai Motor Co. and its subsidiary Kia Motors Corp. concerning the construction of an electric vehicle were suspended.
What happened: Apple was upset by Hyundai’s announcement in January that it was in talks to join the electric car project. However, Hyundai and its subsidiary Kia later moved away from this statement. It is not known when the discussions could resume.
See also: How to buy Apple shares
A South Korean newspaper reported this week that Kia had received a $ 3.6 billion investment from Apple as part of a collaboration to make electric vehicles. According to the report, the deal was due to be signed on February 17, and production of the electric car was slated for 2024.
Why is this important: Speculation was rampant over the deal as there would be internal differences within Hyundai on it. Bloomberg reported that there was a dispute over whether Hyundai or Kia would get to produce the Apple autonomous vehicle.
Earlier, Apple Insider reported, citing TF Securities analyst Ming-Chi Kuo, that Apple had discussed similar plans with other automakers like General Motors Company (NYSE: GM) and Stellantis NV (NYSE: STLA). Kuo said Apple’s first electric vehicle would likely be built on Hyundai’s E-GMP platform, which is made up of two engines and has a maximum range of 310 miles on a full charge.
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