Apple incThe (NASDAQ: AAPL) rumors that discussions with Hyundai Motor Co. and its subsidiary Kia Motors Corp. about building an electric car have been suspended, Bloomberg reports.
What happened: Apple was upset about Hyundai’s announcement in January that it was in talks to participate in the electric car project. However, Hyundai and its subsidiary Kia later withdrew from the statement. It is not clear when the discussions can be resumed.
See also: Buying Apple Stock
A South Korean newspaper reported this week that Kia had received a $ 3.6 billion investment from Apple as part of a partnership to create electric vehicles. According to the report, the deal would be signed on Feb. 17, and production of the electric car was scheduled for 2024.
Why it matters: There has been a lot of speculation about the deal as there are reportedly internal differences within Hyundai about it. Bloomberg reported that there is a dispute over whether Hyundai or Kia can produce Apple’s self-driving vehicle.
Earlier, Apple Insider reported, citing TF Securities analyst Ming-Chi Kuo, that Apple has discussed similar plans with other automakers, such as General Motors Company (NYSE: GM) and Stellantis NV (NYSE: STLA). Kuo said Apple’s first electric car will likely be built on Hyundai’s E-GMP platform, which consists of two engines and has a maximum range of 500 miles on a full charge.
Image courtesy: Wikimedia
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.