Hyundai Motor Group Clarifies Relationship with Apple
Last Friday, JDPower.com and numerous other media outlets reported that Kia and Apple would collaborate on a new EV, and, according to a report in a Korean newspaper, a signed deal was imminent.
Today, Hyundai Motor Group (HMG), of which Kia is a part, clarified its relationship with Apple. “We are not having talks with Apple on developing autonomous vehicles.”
According to Reuters, working with Apple as a contract supplier to build a possible “iCar” was internally unpopular at HMG. Long known for its self-reliance, HMG even makes its own steel for vehicles rather than purchase it from suppliers. An executive who spoke to Reuters on condition of anonymity said in January: “We are not a company which manufactures cars for others.”
Apple was unavailable to comment to the news agency, but Reuters notes the electronics company has historically kept new product plans under strict secrecy. It never officially confirmed discussions with HMG about building a vehicle, and leaks about any talks that have taken place may have killed the deal, industry analysts told Reuters.
Hyundai’s stock dropped 6.2% on the news of stalled or discontinued discussions, while Kia’s valuation sank 15% following a 61% rise after early reports tied Kia and Apple together.
HMG will introduce numerous electric vehicles between now and 2030, many of them using the automaker’s impressive new Electric-Global Modular Platform (E-GMP). They will wear Genesis, Hyundai Ioniq, and Kia brands.
Reuters is the source of information for this article. It was accurate on February 8, 2021, but it may have changed since that date.