Earlier in the week, it was reported by various media outlets that Apple is all set to be developing a new Apple car which will be an electronic vehicle. The news has been confirmed by folks at Apple. Conversely, another news was going round that the US tech giants will be taking on board Korean giants Hyundai, a car manufacturing company in a bid to launch their first ever car.
In the latest news however, it seems that this was in the end just a rumor as Hyundai have tried to clear the misconception that they will be working with Apple to develop an Electronic Vehicle. Hyundai cleared the misconception by issuing not one but two statements in that regard.
The Korean carmaker Hyundai Motor Co. has retracted its statement that it was collaborating with Apple to develop a self-driving electric car. In the statement issued by the Korean giant, they had claimed that they were just one of the many carmakers that Apple had contacted, and in the second and most recent statement, they completely avoided any association with the US giants.
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When the Korean media had initially reported that Hyundai is in talks with the tech firm to develop a new smart car, the automaker’s shares went up by a staggering 19 percent. However, Apple will take at least half a decade to launch a self-driving electric car as it lacks both the experience and manufacturing capacity to do so, which is why it is looking to collaborate with an existing automaker.
Since Hyundai has also backed away from its original statement, there has been no word about whom Apple will select as its partner. In contrast, it should be noted that, Hyundai Motors have just reached an agreement which is worth $4 billion with a General Motors spin-off, known as ‘Aptiv’ to develop self-driving cars. The company has plans to sell 1 million electric cars by the end of 2025.