Hyundai and Apple are no More Holding Talks for the Development of Apple Car
Last month the South Korean car company Hyundai passed a statement, in which its collaboration with iPhone makers for the development of electric cars was mentioned. Many Speculations circulated the internet regarding the talks between the two companies. On Monday, these speculations came to a halt when the two companies, Hyundai Motor Co. And Kia Corp confirmed that they are no more in talks with Apple on the development of the autonomous vehicle.
According to Reuters and Bloomberg, the companies are no longer in talks with Apple but, this doesn’t overrule the chance of future reopening of discussions. After the spread of this news the shares of Hyundai Motor Co. And Kia Corp dropped to 8.4% and 13.3 %, respectively.
Many rumors surfaced on the net with one claiming that Apple will invest $3.6 million in Kia Corp and if the discussion resumes, Kia will more likely end up building an Apple car in its Georgia plant. Another rumor was that the tech giant is holding talks with six Japanese companies about building an electric car. Some even came up with the car specifications that include 300 miles of range and 0 to 60 mph acceleration in less than 3.5 sec. Famous Apple analyst, Ming-chi Kuo believes that Apple has plans of using Hyundai’s platform for its first electric vehicle, and Kia will handle the manufacturing in the US around 2025.
Whatever the reality is, it will be unveiled soon as people are quite excited with the news of the development of the Apple car.