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Apple Reportedly Has Suspended Electric Car Talks With Hyundai, Kia

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Apple Reportedly Has Suspended Electric Car Talks With Hyundai, Kia

Apple Inc’s (NASDAQ: AAPL) rumored discussions with Hyundai Motor Co. and its subsidiary Kia Motors Corp. about building an electric vehicle have been put on hold, Bloomberg has reported.

What Happened: Apple was upset about Hyundai's announcement in January that it was in talks to join the electric car project. However, later on, Hyundai and its subsidiary Kia backed away from the statement. It's not clear when the discussions might resume.

See also: How To Buy Apple Stock

A South Korean newspaper reported this week that Kia had received a $3.6 billion investment from Apple as part of a collaboration to make electric vehicles. According to the report, the deal was supposed to be signed on February 17 and the manufacture of the electric car was slated for 2024. 

Why It Matters: Speculation has been rampant over the deal as there reportedly are internal differences within Hyundai over it. Bloomberg reported that there is a dispute about whether Hyundai or Kia will get to produce the Apple autonomous vehicle.

Earlier, Apple Insider reported, quoting TF Securities analyst Ming-Chi Kuo, that Apple has been discussing similar plans with other automakers like General Motors Company (NYSE: GM) and Stellantis NV (NYSE: STLA). Kuo said Apple’s first EV will likely be built on Hyundai’s E-GMP platform, which is made up of two motors and has a maximum range of 310 miles on a full charge.

Image Courtesy: Wikimedia

 

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