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Published image, Hyundai
Hyundai has caused confusion over entering into a potential partnership with Apple to produce an electric vehicle.
South Korean automaker Hyundai has said it is at an “early stage” in talks with cellphone maker iPhone over a possible partnership to produce electric cars.
Hours later, however, she backed down, saying she had had discussions with a number of potential partners without naming Apple.
Hyundai shares rose more than 20% when the potential partnership with Apple was announced.
A statement read: “Apple and Hyundai are in talks, but they are at an early stage and no decision has been made.”
But the statement was subsequently amended. The market value of Hyundai shares jumped to 9 billion US dollars (6.5 billion pounds) after the announcement.
Although a new statement mentions that Hyundai is in talks with a number of companies about a possible partnership including Apple, an amended version of the statement did not mention the name of the US tech giant.
Apple is known for its commitment to privacy when it comes to new products and partnerships.
Last month, news emerged that Apple was moving forward with self-driving car technology, with the launch of its new cars in 2024.
The market for electric cars is currently increasingly competitive, with companies like Tesla making headlines knowing that their market value has increased rapidly.
Tesla CEO Elon Musk is reported to be the richest man in the world by removing Amazon founder Jeff Bezos from the throne of the richest man in the world.
Experts say the electric vehicle that will be produced by Apple will need at least five years to be completed.
They say delays due to the Coronavirus could delay their launch until 2025 or more.
Realization of what was missed
Hyundai is striving to embrace new technologies such as electric cars, self-driving cars, and flying cars.
Last month, Hyundai acquired a significant stake in Boston Dynamics, a company that makes robots, valued at $ 1.1 billion.
The company also has a $ 4 billion self-driving joint venture with Aptiv, a company specializing in the supply of auto parts.
The two partners will invest $ 2 billion, while Irish company Aptiv will bring in around 700 engineers and handle the transfer of patents and intellectual property rights to the project.
Apple’s efforts to produce an electric vehicle, known as Project Titan, have been difficult since related plans unveiled in 2014.
There have been many rumors about who will assemble the Apple cars, as the US tech giant may have difficulty making these cars on its own.
Apple rivals Alphabet and Emo have chosen a factory in Detroit to mass-produce its self-driving cars.
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