The prophesied conversations between Hyundai and Kia regarding an Apple-branded vehicle have concluded, according to their declarations.
Hyundai and Kia have swiftly squashed rumors of talks with Apple over the so-called Apple Car, insisting they're not involved in any negotiations regarding autonomous driving vehicles. According to Nikkei Asia, both companies made the declarations in separate filings. Interestingly, they mentioned receiving requests from multiple companies for potential partnerships, but nothing has been finalized yet, emphasizing the early stage of these discussions.
A similar statement from Hyundai had surfaced a month back, following its revelation that it was in talks with Apple. After a brief panic, Hyundai clarified that it was in talks with various potential partners, not just Apple. This double-take resulted in a significant drop in their shares – 6.21% for Hyundai and 15% for Kia, based on Seoul's stock market.
The latest backtrack from Hyundai and Kia comes as no surprise, given Apple's infamous obsession with secrecy. When Hyundai's executives admitted the partnership talks, they arguably stirred up Apple's top brass who value discretion highly. Early concerns about a potential partnership reported in late January highlighted Hyundai's fears of getting all the labor for Apple's glory. Simultaneously, there were whispers that the Apple Car's foundation would be built on Hyundai's E-GMP platform.
Last week, CNBC claimed that Hyundai was just about to ink a deal with Apple, with Kia's Georgia factory rumored to take on Apple Car production. But just days later, Apple supposedly hit the brakes on negotiations with Hyundai and Kia, stirring up more speculation about the project's direction.
Considering Apple's fascination with automotive technology, it's clear that the Apple Car isn't going away any time soon. Although Hyundai and Kia may have stepped out of the picture, Nikkei Asia revealed that Apple is currently in talks with at least six Japanese automakers – Honda, Nissan, and Mitsubishi, among others. From reports, it seems that Nissan is considering a possible collaboration with tech giant Foxconn, but none of these discussions explicitly involve Apple.
As we wait and wonder, Apple watchers predict a 2024 launch for the Apple Car. Nevertheless, many experts caution that this timeline might be ambitions, pushing the actual launch further back to 2028 or even later. Renowned Apple analyst Ming-Chi Kuo estimates an Apple Car debut in 2025, while Bloomberg's Mark Gurman points to a minimum of five to seven years before we see the Apple Car on our roads.
So buckle up, dear readers, because this wild ride is just getting started.
- Despite Hyundai's denial of concrete talks with Apple regarding the 'Apple Car', CNBC recently purportedly reported that a deal was imminent.
- The tech giant, Apple, has been actively engaging in discussions with various automakers, including Hyundai's Japanese peers, according to Nikkei Asia, citing its sources.
- The future of the 'Apple Car' remains uncertain, with speculations surrounding Apple's possible partnerships and the delay in its projected launch, as mentioned by analysts like Ming-Chi Kuo and Mark Gurman.
- To emphasize Hyundai's stance on the matter, the company's officials reportedly cited their ongoing commitment to technology and innovation, highlighting their work on their own electric vehicle platforms like the E-GMP.
