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Korea IT News Claims Apple, Hyundai To Ink Partnership For Electric Car

Korea IT News Claims Apple, Hyundai To Ink Partnership For  Electric Car
According to a report published in a South Korean local newspaper Korea IT News on Sunday, a partnership deal is to be signed between Korean auto maker Hyundai Motor and Apple Inc for autonomous vehicles by March this year and the two companies plans to begin production by about 2024. .
There were reports previously, including a telecast by a local broadcaster of South Korea, that discussions were being held for a tie up about an electric car and car battery between the South Korean auto giant Hyundai Motor Co and the United States based iPhone maker Apple Inc. last Friday Hyundai had confirmed that it was in early but unspecified talks with Apple.
There were other reports that claimed that the two companies targeted to launch a self driving car in 2027. The reports had previously sent Hyundai’s stocks surging by as much as 24 per cent.
However on Sunday, there were no comments made by Hyundai Motor on the specifics of the deal as claimed in the latest report but only pointed out its comments made on Friday in which the company had stated that it had received requests from various companies for potential cooperation and partnerships for the development of self driving electric vehicles.
No official comment from Apple was available in any of the report in this matter.
However, an updated version of the IT news report did not have the details, which included those related to the location of the production m and the capacity of production as well as the claimed time line for the signing of the deal and the development and launching the pilot vehicles.
In the original version of the report, it was claimed that the two companies targeted to make self driving cars at Kia Motors' factory in Georgia, or make joint investments for building of a new factory in the United States that would have the installed capacity to make 100,000 vehicles by around 2024. The report also claimed that the full annual capacity of the proposed plant would be 400,000 vehicles.
Kia Motors is an affiliate of Hyundai Motor.
Hyundai and Apple had also drawn up plans for releasing a "beta version" of the Apple cars next year, the report also said.
Last month there were multiple reports about Apple pushing ahead with the development of autonomous car technology and has set a target of manufacturing a passenger vehicle as early as 2024 and one that could include its own breakthrough battery technology.
Following Friday’s gain, the continued reports about its tie up with Apple pushed Hyundai’s shares by another 14.6 per cent in morning trade on Monday. And there was a 12.7 per cent and 9.1 per cent rise in the stocks of its affiliate auto parts maker Hyundai Mobis and Kia respectively.
The wider market gained only 2 per cent in the same period.

Christopher J. Mitchell

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