APPLE CHAOS 1

Hyundai Motor Co. is in the early stages of discussions with Apple Inc. to jointly develop and produce self-driving electric cars, a move that could reshape the global electric vehicle market if realized https://www.kedglobal.com/newsView/ked202101080003?lang=

A Hyundai Motor official said on 8 January that multiple global automakers, including Hyundai, are in negotiations with the US firm for a possible EV tie-up, although the South Korean company’s talks with Apple are just beginning

Hyundai later released an updated statement through a regulatory filing that it has been “receiving requests of cooperation from diverse companies regarding the development of autonomous driving EVs, but no decisions have been made as discussions are in the initial phase”

The Hyundai statement came in response to a report by The Korea Economic Daily’s TV news unit earlier Friday that Apple has approached Hyundai Motor Group to propose cooperation in its efforts to develop an electric car as well as rechargeable batteries used in EVs . . .

. . . and Hyundai is reviewing the proposal

When combined with Kia, Hyundai Motor is the world’s fifth-largest automaker

On the Seoul stock market, shares of Hyundai Motor and affiliates surged on a possible tie-up with Apple

Hyundai rose as much as +25% to an eight-year high of 257,000 won in early Seoul trade before finishing +19.4% higher at 246,000 won on Friday

Its sister firm Kia Motors Corp. ended up +8.4% at 68,300 won

Auto parts maker Hyundai Mobis Co. gained +18.1% to close at 359,500 won

APPLE’S PROJECT TITAN

Apple's EV concept

Speculation about an Apple car has been rife for years, although nothing concrete has materialized

Reuters reported in December that Apple is moving forward with self-driving car technology and is aiming to produce a passenger vehicle that could include its own breakthrough battery technology in 2024 at the earliest

Apple's so-called Project Titan is said to be targeting a significant boost in range at a much lower cost than allowed by current battery technology, while also offering self-driving capabilities

If Apple succeeds, this might represent a challenge to market leader Tesla Inc. in the advanced EV market

Analysts say a partnership between the two companies could create synergy as Hyundai with its mass-production capabilities can manufacture EVs designed by Apple with its strength in software

“Under such a tie-up, Hyundai could provide its EV platform to Apple, which in turn can provide the needed technology and software for electric cars. If realized, that would be a giant leap for the Korean auto industry,” said Samsung Securities auto analyst Im Eun-young

Last month, Hyundai unveiled a new platform, which will underpin its electric vehicles in coming years as South Korea’s largest automotive group aims to grab a greater share of the rapidly growing EV market

Hyundai Motor’s E-GMP platform for electric vehicles

Hyundai Motor Chairman Chung Euisun, who took the helm of the automotive group in October last year, has said the company will actively push for new growth businesses focusing on EVs, hydrogen fuel cell cars and future mobility platforms

Under its comprehensive mid- to long-term strategy, Hyundai aims to supply 8-10% of the world’s EVs by 2025

The group plans to introduce more than 12 battery-powered electric cars (BEVs) built on E-GMP, Hyundai’s platform dedicated for EVs

As part of efforts to transform into a leading provider of future mobility, Hyundai has also established Motional Inc, a self-driving car joint venture with Aptiv Inc.