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Why This Apple Analyst Thinks A Collaboration With GM, PSA On Electric Vehicles Is Likely

Why This Apple Analyst Thinks A Collaboration With GM, PSA On Electric Vehicles Is Likely

Apple Inc (NASDAQ: AAPL) may leverage collaborations with existing automakers like General Motors Company (NYSE: GM), Stellantis NV (NYSE: STLA), besides Hyundai Motor Company (OTC: HYMTF) in its automotive efforts, according to TF Securities analyst Ming-Chi Kuo, Apple Insider reported Tuesday.

What Happened: “Apple's deep collaboration with current automakers (Hyundai Group, GM, and PSA [now part of Stellantis]) who have extensive development, production, and qualification experience will significantly shorten the Apple Car development time and create a time-to-market advantage,” Kuo wrote in a note, as per Apple Insider.

See also: How To Buy Apple Stock

Kuo said that the Tim Cook-led tech giant will “leverage current automakers' resources and focus on self-driving hardware and software, semiconductors, battery-related technologies, form factor and internal space designs, innovative user experience, and the integration with Apple's existing ecosystem.”

Why It Matters: The analyst does not expect an Apple vehicle to arrive until 2025 at the earliest and said the vehicle would be a “very high-end” model or “significantly higher” than a standard EV.

Kuo dismissed the possibility that Apple supplier Hon Hai Precision Industry Co, Ltd (OTC: HNHPF) — also known as Foxconn — would secure the assembly of the tech giant’s car.

See Also: Foxconn Taps Nio Co-Founder Jack Cheng To Lead New Open EV Platform

The expert claimed that the Cupertino, California-based company’s first EV will be built instead on Hyundai’s E-GMP platform. 

E-GMP is a dedicated battery electric vehicle platform that is made up of two motors and has a maximum range of 310 miles on a full charge.

Reports out of South Korea last month suggested that Hyundai subsidiary Kia Corp. could make initial Apple vehicles at its manufacturing facility in Georgia.

Apple’s veteran hardware chief, Dan Riccio, was recently reassigned to work on an unnamed new project directly under Cook.

Price Action: Apple shares closed 1.65% higher at $134.14 on Monday.

Click here to check out Benzinga’s EV Hub for the latest electric vehicles news. 

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