Hyundai Motor Shares Surge 20% on Apple EV Deal Rumors

Hyundai Motor Company is minimizing the significance of reports concerning potential negotiations with Apple regarding the manufacturing of a self-driving electric vehicle. The company indicates that conversations remain in a preliminary phase and have not yet reached a definitive conclusion. Nevertheless, the possibility of a collaboration – even a preliminary one – with Apple, a company renowned for its discretion regarding unannounced agreements, prompted a surge in Hyundai Motor Company’s stock price, increasing by over 20% on the Korea Exchange during Friday’s trading session.

Initial reports surfaced in the Korea Economic Daily and were subsequently acknowledged by Hyundai in a statement to Bloomberg, confirming that “discussions are underway between Apple and Hyundai, but no decisions have been finalized as these talks are still in the initial stages.” Hyundai also conveyed to CNBC that “Apple is reportedly engaging in discussions with numerous global automotive manufacturers, including Hyundai Motor. Given the preliminary nature of these discussions, no conclusions have been reached.”

A representative from Hyundai declined to provide further commentary to TechCrunch. Apple has also been approached for a statement.

Reuters reported last month that Apple’s automotive project, known as Project Titan, is still active, with the objective of creating a fully autonomous electric passenger vehicle. However, the anticipated launch date for this vehicle is not projected until 2024.

Hyundai introduced its dedicated electric vehicle brand, Ioniq, in August 2020, with a strategy to introduce three entirely electric vehicles to the market within the following four years. This forms part of a broader plan to sell one million battery electric vehicles and achieve a 10% market share in the EV sector by 2025. Furthermore, Hyundai has established a joint venture with Aptiv, a company specializing in autonomous driving technology, to make Level 4 and Level 5 self-driving systems ready for production and available to robotaxi providers, fleet operators, and automotive manufacturers by 2022. The partnership with Aptiv was initially announced in 2019.