As reported on Business Insider:
- Apple and Hyundai are nearing a deal to build an electric car together, CNBC reported Wednesday.
- The Apple-branded car would be built at Kia’s plant in Georgia, the outlet reported.
- Sources told CNBC that the deal isn’t done, and Apple may partner with another automaker.
- Visit the Business section of Insider for more stories.
Apple is nearing a potential deal with Hyundai Motor Group to build a self-driving electric vehicle of its own, CNBC’s Phil LeBeau and Meghan Reeder reported Wednesday, citing multiple sources familiar with the project.
If finalized, the EV will be Apple-branded and built at Kia’s assembly plant in West Point, Georgia, CNBC reported.
Sources told the outlet that the deal isn’t done yet, and that Apple may decide to partner with another automaker either instead of, or in addition to, Hyundai. The tech company is looking to build the car in North America and to partner with a carmaker that will let it take the reins when it comes to software and hardware, sources said.
As for specifics about the car itself, one source told CNBC that Apple’s cars won’t be built to have a driver and that they’ll be geared toward "the last mile," indicating that the vehicles may be commercial in nature. Apple is eyeing 2024 for production, sources familiar with the Hyundai deal said, but it could be postponed.
Apple’s stock jumped more than 2% on the news in after-hours trading.
Rumors have circulated for years about Apple’s potential plans to build an EV, and speculation has intensified in recent months.
In December, Reuters reported that Apple plans to launch a self-driving electric vehicle as soon as 2024, citing unnamed sources familiar with the tech giant’s plans. Sources told the outlet that the vehicle would not be a commercial vehicle or a self-driving taxi, but a consumer vehicle instead. Instead of competing with robotaxi firms like Waymo, Apple would more likely rival electric carmakers like Tesla and Rivian.
The future vehicle would utilize Apple’s own advanced battery technology, which has the potential to "radically" diminish charging time and increase range, one source told Reuters.
Hyundai declined to comment when reached by Insider. A spokesperson for Apple did not immediately respond to Insider’s request for comment.
This story is developing…
Source: Business Insider
Author: email@example.com (Tim Levin)
Date: 2021 02 03
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