EDITION : English/Korean

Nav
Updated

Electric Vehicles: Are Hyundai And Kia Collaborating With Apple?

by Jon Agustin / Feb 06, 2021 05:09 AM EST
Apple

Kia, Hyundai Motor Company and Apple, Inc. are said to be nearing a deal in producing self-driving electric vehicles.  

After years of speculation that Apple will eventually do business with its own car products, the tech company is reportedly now finalizing the deal with Hyundai Motor and Kia to manufacture autonomous electric cars that fall into the Apple brand. The production is at the assembly plant in West Point, Georgia state according to Korea Times. 

Known to be the "Apple Car," the vehicle brand is now being developed by the Apple team and will go into production in 2024, but insiders who are familiar with discussions between the tech firm and the car companies are saying that the rollout might even be pushed back. 

It is because no agreement has been reached yet between these companies. Furthermore, they are saying that Apple might instead partner with a different car manufacturer, adding this to their nearing collaboration with Hyundai. The shares of Apple increased more than two percent after hours with this news.

As of press time, Apple, Hyundai and Kia spokespersons are declining to comment and issue official statements on this report.  

According to CNBC, people familiar with the talks seek to know why Apple will choose to collaborate with Hyundai and Kia. They are saying that each of the car companies is seeing the unique benefit in working with each other to develop self-driving vehicles. 

For Apple, their decision to build such cars will open the potential to tap the worldwide auto and mobility market, valued at $10 trillion. Katy Huberty, an analyst at financial services company Morgan Stanley, explained the potential profit Apple could earn. 

"Smartphones are a $500bn annual total addressable market. Apple has about one-third of this market. The mobility market is $10 trillion. So Apple would only need a 2% share of this market to be the size of their iPhone business," she stated. 

Like us and Follow us
© 2021 Korea Portal, All rights reserved. Do not reproduce without permission.

Editor's Pick

Jo Byung-gyu Steps Down From Variety Show Due To Controversy

Jo Byung-gyu

Mar 01, 2021 AM EST - Victoria Marian Belmis

Connect with us : facebook twitter google rss

Subscribe to our Newsletter

Don't Miss

K-WAVE - Dec 31, 1969 PM EST - Victoria Marian Belmis

'Youth With You 3' Trainee Surprises BLACKPINK’s Lisa With Touching Gesture

K-WAVE - Dec 31, 1969 PM EST - Victoria Marian Belmis

GOT7 Jackson Wang Spills The Tea On JYP

K-WAVE - Dec 31, 1969 PM EST - Faye.Jimenea

Actress Seo Shin Ae Reveals (G)I-DLE's Soojin Bullied Her

Real Time Analytics