A potential landmark tie-up between Apple and Hyundai Motor Group (HMG) appears to be off the table after the manufacturer clarified it is not in talks with the tech giant over building its self-driving car.
- Hyundai will not be developing self-driving cars for Apple
- The announcement saw Hyundai’s shares drop by 6.2 percent
- Apple likely to use of its own monocell battery tech in its vehicles
Hyundai and Apple self-driving car: updates
In an update to investors, HMG clarified: "We're receiving requests for co-operation in joint development of autonomous electric vehicles from various companies, but they're at early stage and nothing has been decided. We aren't having talks with Apple on developing autonomous vehicles."
The Korean company had previously confirmed reports that it was in talks with Apple to co-develop a self-driving electric car by 2027. Shortly after, Apple publicly renewed its intention to launch its own bespoke car.
Hyundai and Apple self-driving car: what previously transpired
Shares in HMG rocketed 20 percent in early January as it emerged that the two firms were considering joint development of autonomous electric vehicles, with Kia mooted as a potential production partner for the long-awaited Apple car. Hyundai was, however, quick to clarify that it was in talks with "various companies" for autonomous EV development.
Shares in Hyundai dropped 6.2 percent in the wake of the announcement, amounting to a loss of around £2.18bn (around Rs 2,18,664 crore) in value, while Kia – which had been named specifically in the reports – was more dramatically impacted, losing 15 percent, or £3.99bn (around Rs 4,00,864 crore).
Hyundai and Apple self-driving car: future
With HMG now out of the picture, it remains unclear where Apple will turn for assistance with the project. The Apple car will likely make use of the company's own 'monocell' battery technology, which is said to offer greater capacity than conventional units, but the company isn't believed to have developed a platform for the vehicle.
Apple previously targeted a launch in 2024, but a Korean publication – reportedly part-owned by Hyundai – cited by the Financial times previously stated Apple plans to launch its EV in 2027.