Hyundai confirms talks with Apple on possible EV project

The logo of the Apple company which plans to ties it executive bonuses to social and environmental values

A cable TV unit of Korea Economic Daily earlier reported the discussions with Apple.

The Korean auto maker, however, backtracked on its claim of negotiating with Apple after making several revisions to its original statement. The launch deadline would be 2027 and does not necessarily involve an autopilot system. It was reported in 2016 that the Apple vehicle project was dead in the water after Apple cut hundreds of positions and had switched its focus to pursuing self-driving technology that can be applied to other cars.

"We understand that Apple is in discussion with a variety of global automakers, including Hyundai Motor". However, there is still no concrete plans on who would build the Apple auto. The product has been in development for a while now under the name Project Titan. Then, the following week, Reuters reported that Apple was "targeting 2024 to produce a passenger vehicle that could include its own breakthrough battery technology". The news is timely as recent reports have reignited speculation the tech company is working on its own electric vehicle. With Hyundai seeing a sharp rise in value just off the news of negotiations, it's likely the automotive company will pursue this endeavor with Apple.

A Hyundai spokesperson made a statement to CNBC on Thursday that confirmed the company is in talks with Apple. According to Bloomberg, it will be at least five to seven years...

According to a report from Hankyung, Hyundai confirms that it is in early discussions with Apple about the production of its new vehicle, the Apple auto.

A Bloomberg report this morning says Hyundai has backed away a bit, first revising that initial statement, removing the reference to other automakers.

Following the report, Hyundai initially issued a statement saying it is one of various carmakers that Apple has been in early contact with.

If the Hyundai deal would not materialize, Evercore ISI analyst Chris McNally suggested that Apple should also consider forging a contract with Canadian company, Magna International Inc., the world's third biggest auto supplier. While Hyundai has walked back from this after almost confirming it, its shares have gone through the roof in South Korea.

Tech giant Apple Inc.

As most of you already know, Lenovo is now the leading PC maker globally with various models at different price ...

Meanwhile, the Graz, Austria factory of its manufacturing subsidiary, Magna Steyr, builds premium vehicles such as the electric Jaguar I-Pace, the Toyota Supra, Mercedes-Benz G-Class, and the BMW Z4 sportscar.



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