Apple’s plans of making a self-driving electric car is having more leaks lately, with the latest one linked to Hyundai. The South Korean automobile maker was reportedly being approached by Apple for making their future electric car, which could take at least half a decade to start running on roads. This news surged Hyundai’s share price steeply.
Hyundai May Manufacture Apple’s Electric Cars
A Korean local media has initially reported that Apple has approached Hyundai to make its electric cars in the future. This news has pushed Hyundai’s share price in the local exchange to go up by up to 25%, which added $9 billion to its market cap and $2 billion to the royal Hyundai family.
While Apple didn’t make any comment on this news yet, Hyundai has shared that it’s in initial talks with Apple, and later revised the statement saying it’s been approached by multiple companies for making their electric cars, and didn’t specifically mention Apple in it.
Yet, investors have already reacted, and fans strengthened their beliefs of Apple car plans. These future plans were touted since 2014, with the latest one coming just last month, where it was said that an Apple autonomous electric car will come only in 2024, or later.
Also, it’s reported that Apple is making its own battery to fuel the car, which would be new and revolutionary. Having this as a key part, Apple anyway needs a partner to manufacture its autonomous EVs, as it’s not having the production capabilities and sales channels of this new plan.
At the same time, when Apple’s planning to dip its feet into autonomous EVs, Tesla’s CEO, Elon Musk has grown to be the world’s richest man, surpassing Jeff Bezos. Gaining a lot of trust from both people and investors with his sophisticated cars, Musk’s corp can be a tough competitor for Apple’s self-driving cars in the future.