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Apple, Hyundai set to sign deal on electric car by March, says report

Hyundai Motor and Apple Inc plan to sign a partnership deal on autonomous electric cars by March and start production around 2024 in the United States, local newspaper Korea IT News reported

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Hyundai Motor | Apple  | electric cars

Reuters  |  SEOUL 

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By Hyunjoo Jin

SEOUL (Reuters) - and Inc plan to sign a partnership deal on autonomous by March and start production around 2024 in the United States, local newspaper Korea IT News reported on Sunday.

The report follows a statement on Friday from that it was in early talks with after another local media outlet said the aimed to launch a self-driving electric car in 2027, sending Hyundai shares up nearly 20%.

declined to comment on the report on Sunday, and reiterated Friday's comments that it has received requests for potential cooperation from various on developing autonomous EVs.

had no immediate comment.

An updated version of the IT news report removed details, including production location and capacity and the timeframe for signing the agreement and launching the pilot vehicles.

The previous version said the planned to build the cars at Kia Motors' factory in Georgia, or invest jointly in a new factory in the United States to produce 100,000 vehicles around 2024. The full annual capacity of the proposed plant would be 400,000 vehicles.

Kia Motors is an affiliate of Hyundai Motor.

The report also said Hyundai and Apple planned to release a "beta version" of the Apple cars next year.

Reuters reported last month that Apple was moving forward with autonomous car technology and aimed to produce a passenger vehicle that could include its own breakthrough battery technology as early as 2024.

Shares in Hyundai Motor rose 14.6% in morning trade on Monday, while affiliate auto parts maker Hyundai Mobis shares rose 12.7% and Kia shares rose 9.1% versus a 2% gain in the wider market.

 

(Reporting by Hyunjoo Jin; Additional reporting by Joyce Lee; Editing by Elaine Hardcastle and Barbara Lewis)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Mon, January 11 2021. 06:14 IST
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