Photographer: Akos Stiller / Bloomberg
Photographer: Akos Stiller / Bloomberg
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Hyundai Motor Co. and its relative Kia Motors Corp. said. they do not communicate with them Apple Inc. have teamed up to develop a self-driving electric vehicle, following reports and profiteering that they were working with the tech giant.
South Korean carmakers have spoken to several companies about the development of autonomous electric cars, but no decision has been made, they said in regulatory films Monday. Hyundai said the talks are at an early stage. Hyundai shares fell as much as 8.4% in Seoul, while Kia fell 15.3%.
Stadium Apple Inc. talks with Hyundai and Kia weeks ago about building an electric vehicle, people familiar with the matter told Bloomberg late last week. Apple has discussed similar plans with other automation manufacturers, the people added, wanting not to be identified as the information is not public.
Hyundai’s statement is almost identical to one he sent out a a month ago, after the company circulated their message around the much-anticipated Apple vehicle, local Korean confirmed first media reports that he was in conversations with the tech behemoth, then revisited his statement twice in a few hours. Hyundai finally said it had received requests for potential collaborations from several companies.
Apple’s plans for an electric vehicle are shrouded in secrecy but are being closely monitored. That’s because the car project has the potential to outperform the car industry similar to how its iPhones, iPods and iPads have shaken up the consumer electronics market. Now millions of customers are aware of designs around the globe for the tech giant.
Investors in Hyundai raised shares by nearly 20% on Jan. 8 and the weeks since have been thinking about which California-based Cupertino, California-based automaker might work together. ris. Earlier this month another report said Kia would receive a 4 trillion ($ 3.6 billion) investment from Apple to make EVs, raising its stock by 10%.
Days later, a report from Japan’s Nikkei newspaper reported that Apple in talks with at least six manufacturers for the development of its EV while Dow Jones said Kia had spoken to potential partners about its a plan to assemble an Apple electric car in Georgia.
Geely, Baidu
Like many large tech companies working on connected and intelligent mobile solutions, it looks like Apple will need to partner with a car manufacturer. Setting up a car plant can cost billions of dollars and will take several years.
In the past few months, there are several affiliated affiliates in that regard, from Zhejiang Geely Holding Group Co. in China forges cooperation agreements with Chinese research behemoth Baidu Inc. and Taiwanese manufacturing partner Apple Foxconn Technology Group, to Foxconn sign a manufacturing contract with Chinese startup Byton Ltd.
An Apple car would compete with EVs from Tesla Inc. as well as offers from upstarts like Nio Inc., Li Auto Inc. and Lucid Motors and established players such as Daimler AG and Volkswagen AG.
EV sales are booming in Europe, peaking in 2020 and this year are expected to mark another time of growth, backed by a series of new models. China is already the largest EV market in the world, with delivery rising nearly 10% last year to 1.11 million units, China Passenger Car Association data showed last month.
BloombergNEF estimates that adoption of EVs will accelerate in the 2030s, and by 2050, approximately 65% of the kilometers will be electronic passenger vehicles. By 2050, EVs will account for 73% of new car sales worldwide and approximately 800 million EV passengers will be on the roads out of a total passenger vehicle fleet of 1.5 billion.
Kia Update
Hyundai has developed a new EV-dedicated platform, and plans to build 23 models on it, starting with the Ioniq 5 in March in Europe and followed by the Kia marque later this year. EVs made on the platform will be able to cost up to 80% capacity in 18 minutes and add up to 100 kilometers (62 miles) of driving range in just five. They will have a maximum range of 500 kilometers at one cost.
Last month Kia was rebranded with a new, slippery logo, removing its oval-shaped brooch and announcing a new slogan ‘Motivational Motivation’ to the oldest mantra ‘Power to wonder ‘to put in its place.
“Kia’s new logo represents the company’s commitment to being an image for change and innovation,” said CEO Ho Sung Song. “The car industry is experiencing a period of rapid change, and Kia is actively shaping and adapting. ”
(Updating sections in second paragraph.)