Hyundai backtracks on Apple Electric Vehicle partnership

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Hyundai electric vehicle
South Korean car firm Hyundai has been forced to backtrack on a statement that it is in early talks with Apple over the two companies working together on an electric vehicle.

The company’s share price rose more than 20% soon after the tie-up was announced, increasing the company’s value to by $9bn (£6.5bn). Hyundai’s stock jump in Seoul was the biggest since 1988.

“Apple and Hyundai are in discussions but they are at an early stage and nothing has been decided,” Hyundai said in an initial statement.

However, hours later Hyundai said instead it had requests for potential co-operation from a number of firms, removing any reference to Apple.

Speculation that Apple is working on an electric car has intensified in recent weeks, with reports suggesting that the company is planning on releasing a car as early as the middle of this decade that could feature breakthrough battery technology.

Apple is known for its secretiveness when it comes to new products and partnerships. Last month, news emerged that Apple was moving forward with self-driving car technology with a 2024 launch date.

The electric vehicle (EV) market is becoming increasingly competitive, with companies such as Tesla grabbing the headlines with its rapidly-increasing valuation. Tesla chief executive Elon Musk is now the richest man in the world, displacing Amazon founder Jeff Bezos.

He is thought to be worth more than $185 billion – which is equivalent to £166 billion.

Chris Price
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