Do we have confirmation of Apple’s vehicle ambitions thanks to Hyundai?

Apple Allegedly Negotiating with Hyundai for Apple Car Production

Hyundai Motor, Apple in EV Battery Development Talks

Apple is reported to be arranging to operate with Hyundai to produce electric powered vehicles and produce batteries due to the "enormous costs" of the technology and the required creation services.

Hyundai could end up being just one of Apple's electric-car partners - which will be crucial for the cutting-edge project given that building its own vehicles would be a heavy lift for the Cupertino, California-based company, according to Wedbush Securities analyst Daniel Ives.

Citing an interview with an unnamed source, Korea Economic Daily reports Apple and Hyundai are in the process of hammering out a deal that would see the Korean company fulfill production responsibilities for a rumored "Apple Car".

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A Bloomberg report this morning says Hyundai has backed away a bit, first revising that initial statement, removing the reference to other automakers.

"Apple could see Hyundai as an ideal partner, because when it comes to legacy USA automakers, they all have strong unions, which Apple would like to avoid", said Kevin Yoo, an analyst at eBEST Investment & Securities. Friday's share price surge added almost $8 billion to Hyundai's market value.

Hyundai's stock jump in Seoul was the biggest since 1988.

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Hyundai is not the only automaker consulted by Apple and all talks are still in very early stages.

"We've been receiving requests for potential cooperation from various companies regarding development of autonomous EVs [electric vehicles]".

As for specifics on the auto, the two companies spoke about developing an electric vehicle, and that it could approximately release around 2027. Battery operations will be handed off to Hyundai or Kia factories in the US, according to the source. "No decisions have been made as discussions are in early stages", Hyundai said in a regulatory filing. But there is a secretive aura around most of the development work Apple does and as such, details are rather sketchy and the company declining to either confirm or negate reports and rumours. Apple is known to be notoriously tight-lipped about its product development plans. Apple allegedly climbed back into the driver's seat previous year, with the long-rumored self-driving auto potentially becoming a reality by 2024-with the help of proprietary battery technology. Apple, as the world's highest-valued company-with a net worth of around $2 trillion-has built up numerous capacities that would make it a powerful player in the segment, including a history of seamless hardware and software integration, revolutionary new processors, and of course, software expertise.

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