Investing.com investing.com 08 Jan, 2021 11:45 am

Hyundai says in early talks with Apple after electric vehicle tie-up report By Reuters

Hyundai says in early talks with Apple after electric vehicle tie-up report By Reuters
Hyundai says in early talks with Apple after electric vehicle tie-up report

It remains unclear who would assemble such a car, but analysts have said they expect the company to rely on a manufacturing partner."We continue to strongly believe Apple ultimately announces an EV strategic partnership in 2021 that lays the groundwork to enter the burgeoning EV space," Wedbush analysts said in a note.Analysts said Apple may be interested in using Hyundai's electric car platform and facilities to cut costs to develop and make vehicles.Hyundai does not have dedicated electric car factories in the United States and it may have to gain consent from its powerful union in South Korea were it to seek to build EVs overseas, analysts said.

FILE PHOTO: Car manufacturers display their wares on the show floor of the North American International Auto Show in Detroit p By Heekyong Yang and Hyunjoo Jin SEOUL (Reuters) -South Korea's Hyundai Motor Co said on Friday it was in early talks with Apple (NASDAQ: AAPL ), after local media reported the firms were discussing an electric car and battery tie-up, sending Hyundai shares surging 25%.The South Korean company, which sources batteries from SK Innovation Co Ltd and LG Chem Ltd and others, is expected to launch its first car based on a dedicated electric car platform known as E-GMP early this year.

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