Hyundai in talks with Apple regarding self-driving car project
Yesterday, Hyundai Motor discussed with Apple regarding the development of a self-driving car project that use fuel. Moreover, it plans to make self-driving cars in the Korean car makers market value. At this time, the company has received several questions for potential cooperation from a number of firms.
According to the reports, the Hyundai shares raised nearly 19% after the statement of confirming proposals was updated. A strong increase in Hyundai stock had initially increased a mixed lot of Hyundai chairman and his father by almost US$2 billion.
By initially naming Apple, Hyundai endangers the passion of the technology giant known for its secretiveness when it comes to new products and partnerships.
Electric Vehicle Project
According to the source, the self-driving electric car project works still at an early stage. Moreover, it may take about half a decade to launch the project. However, the company is in hurry to decide on potential can industry partners.
As per the news, Hyundai’s intraday stock jump in Seoul was the biggest since 1988. On the other hand, one of the famous Cable TV units in Korea Economic has daily updated conversion with Apple. Moreover, the company has already reported the internal talks on the project. Now, the firm is waiting for official approval from the chairman of Hyundai.
Hyundai initially issued a statement saying it is one of the various car makers that Apple has been in early contact with. Later, the firm has improved its recital in 30 minutes as well as excluding the reference to other car makers. Moreover, the firm had also summarized another update that rejected by Apple.
The Hyundai officials said that they have been receiving requests for potential aids from various companies regarding the development of self-ruling EVs. On the other hand, Apple is notably quiet with employees and suppliers. In 2018, the firm has urged workers to stop leaking internal information on future plans.
Furthermore, Apple car would challenge EVs from Tesla and offers from firms such as upstart Lucid Motors and established manufacturers like Daimler and Volkswagen.
As per the analysis, a car plant can cost billions of dollars and take years to grow up the business. But, why Apple is speaking to potential manufacturing partners.
According to the officials of Apple statements, the firm needs to partner with a car maker. Because it doesn’t have production aptitudes and sales networks to sell its cars. Moreover, establishing those abilities can not be made quickly. For that reason, Apple will need a partner. Besides, it has sustained its research on building its self-driving car system for a third-party car companion rather than its own vehicle, said a source.Â
