Hyundai Motor Group is in talks with Apple to conjointly develop the California-based tech giant’s ‘Apple Car’. According to reports, Hyundai has completed the review of Apple’s proposal and is waiting for Chairman Chung Eui-sun to sign on the deal. “We understand that Apple is in discussion with a variety of global automakers, including Hyundai Motor. As the discussion is at its early stage, nothing has been decided,” a representative from Hyundai Motor told CNBC. The collaboration will include the manufacturing of the car alongside the development of the car battery. The companies are also expected to promote battery development at one of Hyundai’s or Kia Motor’s U.S. factories. The car is scheduled to launch in 2027. Apple’s battery plans, technology, and future mass production have not been revealed.
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Project Titan
The tech giant’s ambitions to create a passenger autonomous vehicle has been known for quite some time now. The project known as Titan has been started in 2014. In 2017, it was granted permission to drive on public roads to test autonomous vehicle technology from the California Transportation Authority. Doug Field, an Apple veteran who worked at Tesla returned to the company in 2018. Project Titan was expected to commence production in 2024 but was delayed due to the global coronavirus pandemic to 2025 and beyond. Apple’s core strategy for the project is the new battery design that could reduce the cost of batteries and increase the vehicle’s overall range.
Reuters’ December Report
Reuters reported in December that Apple is moving forward with the self-driving electric vehicle technology. It said that the smartphone maker is targeting 2024 for its passenger vehicle with its revolutionary battery technology.
Hyundai’s Shares
The talks of co-jointly creating Apple’s autonomous vehicle send off Hyundai’s shares to the highest points in eight years. As reported by the Korea Economic Daily, Hyundai rose as much as 24% to an eight-year high of 255,000 won in early trade in Seoul. As of 11 a.m., Hyundai was trading up 20% at 247,000 won.
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Hyundai’s Own EVs
Hyundai launched its own electric vehicle brand Ioniq, in August 2020. Its plan is to introduce three new dedicated models over the next four years with more innovative models to follow. Its strategy is to sell one million EVs and take a 10% share of the EV market by 2025. August 2020 also marked Hyundai Motor Group’s collaboration with APtiv to unveil their joint venture and brand identity: Motional. Motional is developing and commercializing SAE Level 4 vehicles – autonomous vehicles that perform all driving tasks. Motional will begin testing fully driverless systems in 2020, and its driverless systems and supporting technology will be available for robotaxi providers and fleet operators in 2022.
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