The Korean automaker has already reviewed a proposal from Apple.
When one of the world's biggest tech giants makes it known that it has plans to build its own car, people tend to sit up and take notice. That's the case with smartphone manufacturer Apple, which has indicated that it intends to launch its own electric car by the year 2024.
Although rumors have swirled about the Apple Car for years, the latest development might just kick the project into high gear. That's because Hyundai Motor Group has confirmed that it is considering joining forces with Apple to develop the Apple Car. Allegedly, Hyundai has already evaluated Apple's proposal.
It makes perfect sense that Apple would want a reputable automaker on board, especially one that is on a rapid upward trajectory. Hyundai would theoretically be able to bring its engineering expertise and reputation for dependability to the table, which could prove a formidable marriage with Apple's high-tech know-how. Hyundai's Ioniq all-electric sub-brand and Apple's own electric car could possibly share components in the future.
According to Bloomberg, shares of Hyundai Motor Co. increased by up to 25 percent, the most in over 30 years, following the news. Interestingly, Hyundai then backtracked on its initial statement by removing an explicit mention of Apple, instead referring to several potential tech partnerships with other companies.
"We've been receiving requests for potential cooperation from various companies regarding development of autonomous EVs," said Hyundai in a later statement. "No decisions have been made as discussions are [at] an early stage."
Apple has not commented on the report, but the latest indications are that the brand is at least five years away from launching its own autonomous EV, as part of its Project Titan. The new Apple Car could go up against rivals like the Tesla Model Y and Model 3, along with new Volkswagen EVs like the ID.4. In fact, VW is keen to see Apple join the automotive sphere with its own vehicle. It remains to be seen whether the Hyundai and Apple collaboration gets the green light.