Hyundai Motor, Apple in EV Battery Development Talks

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Now, Hyundai Motor has said that it is in early discussions with Apple after Korea Economic Daily TV reported that the two were in talks to cooperate on electric cars and batteries.

Hyundai Motor Company shares skyrocketed yesterday on news the automaker is in talks with Apple.

In a freakish move, Hyundai on Thursday night confirmed discussions with Apple to collaborate on the development of self-driving electric vehicles, then in a matter of hours, walked back on its remarks issuing a new statement that removed any references to the tech giant.

This is not the first time we've heard that Apple will rely on partners to manufacture its own electric vehicle. Due to the fact the report mentions "negotiations", a deal may possibly not be established as of nevertheless, so Apple's ideas could adjust. It seems that Apple is in talks with a number of global automobile makers for the launch of an electric vehicle.

However, it also seems that Hyundai may have incurred the wrath of the famously secretive Apple by jumping the gun on announcing talks.

Surprisingly, Hyundai itself confirmed these rumors. This news surged Hyundai's share price steeply.

Hyundai has already been pushing into new technologies such as electric, driverless and flying cars.

"We understand that Apple is in discussion with a variety of global automakers, including Hyundai Motor". While this might not be the only automaker vying for Apple's debut foray into the automotive industry, the South Korean auto manufacturer would make a lot of sense.

Collaboration with Apple would be a shot in the arm for Hyundai's own EV ambitions, after the world's fifth-largest automaker developed a new EV platform with a driving range of over 500 km per charge.

"Apple needs to partner a carmaker because it doesn't have production capabilities and sales networks to sell its cars", said analyst Lee Han-joon of KTB Investment and Securities in Seoul. "As the discussion is at its early stage, nothing has been decided", A Hyundai spokesperson told CNBC. According to the proposal, Hyundai will handle both the battery development and vehicle production for the Apple auto. The California-based company has spread out to several countries and just fell short of delivering half a million cars past year - something that was laughed at when first mentioned by CEO Elon Musk.

Of course, since Apple likes to keep its projects under wraps till they are completed, Hyundai later issued a statement that claims that it has been receiving requests of potential cooperation from diverse companies regarding development of autonomous driving EVs.



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