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In an effort to develop an autonomous all-electric car, Apple and Hyundai Motor Company are set to sign a partnership that will tie the two companies together, according to a new report.
On Sunday, Korea IT News reported that tech giant Apple will partner with Hyundai and begin production in the United States of the vehicle in 2024. The news sent shares of Hyundai up 20 percent.
The report came after a statement by the Japanese automaker on Friday that revealed it was in talks with Apple to develop a partnership that would lead to the production of a fully autonomous all-electric car. Apple has long been rumored to be interested in joining the automotive industry as it is the most popular tech brand in the world, but some guidance from an already established car company may have been necessary.
According to Reuters, Hyundai did not comment on the report, but stated that it has been in contact with several companies about the possibility of developing electric cars in the future.
Since its initial publication on Sunday, the report from Korea IT has been revised several times. Details including the production location and capacity were all removed, along with a timeframe for the signing of the agreement and the launch of a “beta” version of the car. In addition, the report stated that Apple and Hyundai planned to build the vehicle at a Georgia manufacturing facility that builds Kia’s cars. Kia is a Hyundai affiliate, but it was also on the cards that it was possible to build a new facility that would produce 100,000 units annually until a peak production volume of 400,000 cars was reached.
On several occasions, it’s been reported Apple’s desire to build an all-electric car that could drive itself. TSMC, which supplies semiconductors to Apple, was on the market to help Apple. Last week, Hyundai confirmed that an EV was going to be built by Apple, but its release date was slated for 2027.
The developments, however, are early, and the date is far from being solidified. All too often, car manufacturers set high standards for themselves that result in the failure to generate an all-electric car. This leads to the loss of faith of EV enthusiasts in a specific company, which has only increased the reputation of Tesla as the EV leader because it has been able to stick to timeframes.
Elon Musk says Tesla is planning to reach Level 5 Autonomy next year, and it will also have a $25,000 car released in the next few years. It is unclear whether Apple and Hyundai are able to compete with Tesla. Still, more market competition, particularly from a tech giant like Apple, could lead to a more robust market that allows the sector to make more advances.
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