tech2 news staffFebruary 9, 2021 10:33:47 IST
Both Hyundai and Kia are discussing co-developing an autonomous electric car with a Cupertino-based tech giant, which could disappoint those who are enthusiastic about the idea of an Apple car. Shot down a suggestive report. In a separate regulatory submission, Hyundai and Kia said they were not discussing the development of self-driving cars with Apple. However, the two automakers have confirmed that they have received requests from multiple companies to cooperate in the joint development of autonomous electric vehicles, but nothing has been decided at this time.
As a direct result of these submissions, South Korean Hyundai shares fell 6.21 percent, while Kia shares fell about 15 percent. In the past few weeks, reports of an imminent partnership between Hyundai (and Kia) and Apple have led to a surge in demand for shares in both companies. However, with this announcement, the stock prices of both Hyundai and Kia may fall further.
Earlier, Hyundai issued a statement in January this year, confirming that it was certainly in early talks with Apple, but later withdrew the statement. Apple’s desire to cover up future projects is well known, which may have helped disrupt negotiations between the two companies.
It is also said that Hyundai did not want to be treated as a consignment manufacturer, simply by manufacturing vehicles for Apple. The outsourced manufacturing between the two companies is similar to Foxconn’s manufacturing of iPhones for Apple, and there was much opposition to such an arrangement within Hyundai.
Apple’s desire to step into the automotive world was an open secret, but its autonomous vehicle project (known internally as Project Titan) has changed course several times over the past few years. .. Apple initially envisioned building its own EV, but the tech major later diminished its aspirations and decided to focus its energy on developing autonomous driving technology instead. But now Apple is thought to have changed the tack again and decided to make an EV. This was inspired by a new design that can reduce battery costs and extend range.
It is understood that Apple had previously contracted with Magna International, which manufactures vehicles for BMW, Daimler, Jaguar Land Rover and Toyota, but at this time it is unknown who will make Apple’s EV. If you choose contract manufacturing, Apple will consider shifting mass production to make a profit, which can be a daunting task.
Instead of making efforts to manufacture and retail their vehicles, Apple can also share licensed autonomous driving and battery technology with established car manufacturers.
Kia’s Hyundai says it hasn’t worked with Apple on co-development of self-driving cars-Technology News,
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