Apple and Hyundai Agree to Build Electric Vehicles

✍ January 11, 2021 – 06:35

The companies Apple Inc (NASDAQ: AAPL) and Hyundai Motor Company (OTC: HYMTF) They could form an association to manufacture electric vehicles (EVs) in the United States starting in 2024, according to unconfirmed reports.

What happened

The agreement between the two companies could be signed in March, as reported Reuters on Sunday, citing local South Korean media.

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The local newspaper updated its original report and removed details related to the location and production capacity, as well as the timetable for the signing of the agreement and the launch of the first vehicles, according to information provided by Reuters.

Previously, the Korean publication had claimed that the two companies would build the vehicles at the Kia Motors factory in Georgia and jointly invest in a production facility that could output 100,000 vehicles by around 2024. The annual capacity of the future plant was estimated to be 400,000 vehicles.

The report also talked about the launch of a beta version of the VE for 2022.

Hyundai Motors shares were trading 14.43% higher in Seoul at press time.

Because it is important

Hyundai declined to comment on the matter and referred to a previous statement to Reuters saying it was in talks with various automakers.

Wedbush analyst Daniel Ives said on Friday that Apple would announce a strategic electric vehicle partnership in 2021.

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The analyst said the company led by Tim Cook might be interested in creating several strategic partnerships around the world with existing automakers.

Morgan Stanley analyst Adam Jonas said last month that the segment leader’s shares, Tesla Inc (NASDAQ: TSLA) , face a “formidable bearish case” due to Apple’s plans to enter the electric vehicle market.

The movement of prices

On Friday, Apple shares closed nearly 0.9% higher at $ 132.05 and lost 0.23% in the closing auction. That same day, Hyundai Motor OTC shares closed 28.48% higher.

Via Benzinga in Spanish

Photo via Alexandr Bormotin and Unsplash

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