Apple and Hyundai Motor Company are set to sign a partnership that will tie the two companies together in an attempt to develop an autonomous all-electric car, a new report says.
Korea IT News reported Jan. 10 that tech giant Apple will pair with Hyundai and will begin production on the car in 2024 in the U.S. The news sent Hyundai shares up 20%.
The report came after a Jan. 8 statement from the Japanese automaker that revealed it was in talks with Apple to develop a partnership that would lead to the manufacturing of a fully autonomous all-electric car. Apple has long been rumored to be interested in joining the automotive market as it is the world’s most popular tech brand, but it may have needed some guidance from an already-established car company.
Hyundai didn’t comment on the report, according to Reuters, but did state it has been in contact with several companies on the possibility of developing electric cars for the future.
The report from Korea IT has been revised several times since its initial publishing on Jan. 10. Details that include the production location and capacity, along with a timeframe for signing the agreement and launching a “beta” version of the car, were all removed.
Additionally, the report stated Apple and Hyundai planned to build the vehicle at a Georgia manufacturing facility that builds Kia’s cars. Kia is an affiliate of Hyundai, but it was also in the cards that a new facility could be built, which would manufacture 100,000 units annually until reaching a peak production volume of 400,000 cars.
Teslarati reported several times on Apple’s desire to build an all-electric car capable of self-driving. In December, Teslarati reported TSMC, which supplies Apple with semiconductors, was in the market to...