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January 8, 2021

Hyundai and Apple in EV partnership talks

Hyundai Motor has confirmed it is in talks with Apple Inc to establish a partnership to develop and produce electric vehicles and related batteries.

By bcusack

Hyundai Motor has confirmed it is in talks with Apple Inc to establish a partnership to develop and produce electric vehicles and related batteries.

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What does the future hold for the US electric vehicles market?

The US Electric Vehicles (EV) market has established itself as one to watch. Despite China maintaining the number one spot, the US holds significant standing as one of the major EV markets, with GlobalData’s whitepaper identifying a strong growth trajectory within the forecast period. This report further analyzes the trends, market drivers, and government incentives set to influence and facilitate the market.   This report also looks beyond the US and touches on environmental concerns set to drive the EV market worldwide.   Want to find out more? This report demonstrates GlobalData Explorer’s sector analysis capabilities, showing how you can:  
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by GlobalData
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The news that Apple is in talks with an OEM follows recent reports that Apple is progressing its automotive plans, based on new battery technology.

Hyundai Motor’s share price jumped by over 20% overnight on the news, with a company spokesperson confirming in a call with local reporters “Hyundai is at an initial stage of talks with Apple for cooperation in developing an electric car, but no decision has been made yet”.

Shares in sister company Kia Motors and its largest systems supplier Hyundai Mobis also jumped on the news, with investors excited about the growth potential that such a deal would bring.

Hyundai is investing heavily in new advanced mobility technologies, from alternative fuels such as battery-powered and hydrogen fuel-cell electric vehicles to urban air mobility (UAM) vehicles, autonomous driving, connected services, artificial intelligence and robotics.

Apple has held talks in the past with several global carmakers to jointly produce electric vehicles and for the development of autonomous driving technologies.

Last month, news emerged that Apple is developing its own self-driving vehicle technology which was expected to be ready by 2024.

The iPhone producer is also known to be developing its own electric vehicle platform, but a partnership with a leading industry player would speed up this project.

See also: Why Apple’s iCar is not pie in the sky

Free Report
img

What does the future hold for the US electric vehicles market?

The US Electric Vehicles (EV) market has established itself as one to watch. Despite China maintaining the number one spot, the US holds significant standing as one of the major EV markets, with GlobalData’s whitepaper identifying a strong growth trajectory within the forecast period. This report further analyzes the trends, market drivers, and government incentives set to influence and facilitate the market.   This report also looks beyond the US and touches on environmental concerns set to drive the EV market worldwide.   Want to find out more? This report demonstrates GlobalData Explorer’s sector analysis capabilities, showing how you can:  
  • Get historical and forecast market sizing data, with country specific insight for 22+ of the world’s largest industries
  • Track sector dealmaking activity, to view aggregate volumes, specific deals and top investors for all major deal types in M&A, Capital Raising, and Partnerships
  • Analyze news from GlobalData Explorer’s News Database – enable screening and alerts by industry, company, geography and news sentiment for filtered insight
  • Identify and track the key disruptive trends that are keeping the top digital thought leaders talking through social media analytics
  Consult this report now to find out how you and your company can benefit from our Explorer platform.
by GlobalData
Enter your details here to receive your free Report.

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