Hyundai Apple Electric Car is Coming: Apple and Hyundai Motor Corp have joined hands to produce a new electric car, and the said alliance rose the shares of Hyundai by 20% overnight. The company’s estimated valuation rose by 6,47,847 crores following the announcement.
Although in a recent statement, Hyundai announced that Apple and Hyundai are in the phase of discussions and as it is in the early stages, nothing has been confirmed yet. Hyundai subsequently revised its statement in a later regulatory filing in which the company said it was in talks with ‘various companies’ related to the joint announcement of autonomous electric vehicles.
The tech giant (Apple) is yet to confirm the alliance of both companies to produce electric cars. The news came around when Apple is ready to renew its ambition to produce a series-production EV which is a concept that is under development since 2014 titled ‘Project Titan’. If this alliance is sworn and confirmed by both companies, then this project can turn into reality and the electric car will go on sale in the year 2027.
In this project, we can see Apple’s EV borrow technology from Hyundai’s new E-GMP architecture, which will bring 800V of charging capacity to offer more than 500km of range on a single charge only.
Due to the high cost of manufacturing, several companies such as Dyson have pulled out their resources on their EV projects. Hyundai and Apple working together for the project will attract huge cost investment, outsource manufacturing, and complexity in building hardware. This partnership will be the same as the Apple and Taiwanese production Foxconn both developing the EV platform.