Apple and Hyundai Motor collaborate on producing autonomous electric passenger car

According to a report from South Korean media house IT News, Hyundai Motor and Apple Inc will be signing a partnership deal in the coming weeks on autonomous electric cars. A deal could be on the cards to start their production in the United States sometime in 2024.

Earlier last week, another report had said, Hyundai Motor was in early talks with Apple aimed at launching a self-driving electric car in 2027; the news had sent Hyundai’s shares up nearly 20%.

While declining to comment on the report, Hyundai Motor reiterated that it has received requests for potential cooperation from various companies on developing autonomous EVs.

Apple did not reply to requests for comments.

While IT News removed details such as production capacity and location as well as the timeframe for signing the agreement in its latest updated version, the previous version had mentioned that both companies planned on building the cars at Kia Motors’ factory in Georgia, or a joint investment in a new factory in the U.S. which will produce 100,000 vehicles around 2024, with an annual capacity of 400,000 vehicles.

Kia Motors is an affiliate of Hyundai Motor.

A “beta version” of Apple’s cars is slated to be released sometime next year.

The development comes midst reports of Apple moving forward with autonomous car technology aiming to produce a passenger vehicle with its own breakthrough battery technology sometime in early 2024.

With the news reaching the market, Hyundai Motor’s shares rose by 14.6% in morning trade on Monday; shares of its affiliate auto parts maker Hyundai Mobis shares rose by 12.7%; shares of Kia Motors rose by 9.1% against a 2% market-wide gain.

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