Hyundai sparkes confusion over EV tie-up with Apple

Photo: presse-citron.net

South Korea’s car company has sparkled some confusion initially saying it was in the "early stage" of talks with Apple over a possible EV tie-up. However some hours later Hyundai elaborated that it was in fact in talks with a number of potential partners this time not naming specifically Apple, BBC reported.

Hyundai shares surged by more than 20 percent when the tie-up was originally announced. "Apple and Hyundai are in discussions but they are at an early stage and nothing has been decided," it said in a statement which was later revised. Hyundai's value shot up $9bn after the Apple announcement. While an updated statement said it was talking to a number of companies about a possible electric car tie-up including Apple, a later version omitted the US tech firm. Last month, news emerged that Apple was moving forward with self-driving car technology with a 2024 launch date. The electric vehicle (EV) market is becoming increasingly competitive, with companies such as Tesla grabbing the headlines with its rapidly-increasing valuation. Experts say an electric vehicle from Apple is still at least five years away. Hyundai has already been pushing into new technologies such as electric, driverless and flying cars. Last month, it took a controlling stake in Boston Dynamics in a deal that valued the mobile robot firm at $1,1bn. The company is also setting up a $4bn autonomous-driving joint venture with auto parts supplier Aptiv. Both partners will invest $2bn, while Ireland-based Aptiv will contribute about 700 engineers and transfer patents and intellectual property to the venture.

Similar articles

  • Tesla profits soar on higher sales of cheap models

    Tesla profits soar on higher sales of cheap models

    US maker of electric cars Tesla announced record profits for the second quarter of this year, exceeding analysts' estimates. The surge in profits is attributed to accelerating sales of cheaper models and cost cutting, Reuters elaborated. Tesla CEO Elon Musk noted that the global semiconductor chip shortage that led to temporary factory shutdowns for the automaker, still is a serious challenge but offered no details on the timing of its Cybertruck and next-generation batteries.

    41
  • Lockheed Martin posts $17bn Q2 2021 revenue

    Lockheed Martin posts $17bn Q2 2021 revenue

    US weapons maker Lockheed Martin reported a total revenue of 17 billion dollars in the second quarter of 2021, almost in line with expectations. However its space business boosted the revenues but a classified aeronautics development programme undermined the firm's results, Reuters elaborated. Lockheed's second quarter earnings report comes a year after the global pandemic first hit the industry and further damaged the supply chain, causing shutdowns, shortages and months of delays.

    29