You are here: Home » International » News » Companies
Business Standard

Hyundai Motor sparks confusion over electric car tie-up with Apple

Korean firm said it was in talks with the tech titan, before backtracking

Topics
Hyundai Motor | Apple

Kyunghee Park | Bloomberg 

Hyundai
By naming Apple initially, Hyundai risks the ire of the technology giant known for its secretiveness when it comes to new products and partnerships.

Co. backed away from a statement confirming it is in talks with Inc. on developing self-driving car that fuelled an $8 billion surge in the Korean automaker’s market value Friday, saying instead that it received requests for potential cooperation from a number of

Revising its statement for the second time in a matter of hours, Hyundai said it had been contacted by potential partners for the development of autonomous electric vehicles, removing any reference to Shares of Hyundai surged 19 per cent after Korean media initially reported on talks with the US company, only slightly paring their gains after the statement confirming discussions was revised.

chart


By naming initially, Hyundai risks the ire of the technology giant known for its secretiveness when it comes to new products and partnerships. With development work still at an early stage, Apple will take at least half a decade to launch an autonomous electric vehicle, people with knowledge of the efforts have told Bloomberg News. That suggests the company is in no hurry to decide on potential auto-industry partners.

Hyundai’s stock jump in Seoul was the biggest since 1988.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Sat, January 09 2021. 02:21 IST
RECOMMENDED FOR YOU
.