Apple to sign partnership deal with Hyundai Motor on autonomous electric car manufacturing

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Apple and South Korea’s Hyundai Motor are planning a partnership deal to begin manufacturing autonomous automobiles within the United States round 2024, Korea IT News reported.

Hyundai Motor beforehand revealed it was in talks with Apple. Shares of the Korean car manufacturing firm surged practically 20% after the automaker introduced the early-stage talks with Apple.

“We understand that Apple is in discussion with a variety of global automakers, including Hyundai Motor. As the discussion is at its early stage, nothing has been decided,” a consultant from Hyundai Motor informed CNBC’s Chery Kang.

The newest report by the Korean native media didn’t embody particulars, akin to manufacturing location and capability and the timeframe for signing the settlement and launching the autonomous vehicles.

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But the Korea IT New report beforehand mentioned that the electric vehicles shall be manufactured at Kia Motors’ manufacturing facility in Georgia, or the businesses will make investments collectively in a brand new manufacturing facility within the United States to produce 100,000 automobiles round 2024. The full annual capability of the proposed plant could be 400,000 automobiles, in accordance to Reuters.

For a number of years, rumors about an Apple car have been on the information, however nothing concrete has occurred.

“Over the last six years we have seen many twists and turns in Apple’s automotive ambitions,” analysts Daniel Ives and Strecker Backe from Wedbush Securities, mentioned in a word.

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“Project Titan as its been known within the halls of Cupertino has ultimately been significantly scaled down from its initial ramp a few years ago and now appears to be front and center again on the radar screen of the Street,” they mentioned.

In an identical growth, Hyundai Motor Group and its chairman signed a $1.1 billion deal with SoftBank Group Corp final month to personal a controlling stake within the American robotics design firm, Boston Dynamics.

The South Korean automaker mentioned the deal would assist it broaden operations into designing self-driving vehicles, drones and supply robots because it seeks to cut back reliance on conventional car manufacturing.

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