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Apple Talked EV Tie-Up With Nissan But Concerns Over Automaker Becoming 'Foxconn' Came In The Way: FT

Apple Talked EV Tie-Up With Nissan But Concerns Over Automaker Becoming 'Foxconn' Came In The Way: FT

Apple Inc (NASDAQ: AAPL) was in discussions with Nissan Motor Co., Ltd (OTC: NSANY) for its autonomous vehicle project, the Financial Times reported Monday.

What Happened: The two companies made a fleeting contact and talks did not involve senior members of the management, people familiar with the matter told FT.

The lack of progress is said to be due to differences over branding for the Tim Cook-led company’s EVs, as per FT’s sources.

The iPhone maker reportedly wanted Nissan to make an Apple-branded car, which would have been a step-down for the Japanese company from an automaker to a hardware supplier.

Nissan shares traded nearly 1.7% lower at press-time in Tokyo. 

Why It Matters: Carmakers fear becoming the Foxconn better known as Hon Hai Precision Industry Co., Ltd (OTC: HNHPF) of the auto industry, a person told FT.

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

Speculations have been rife on possible collaborations between the Cupertino, California-based tech giant and traditional automakers on the manufacturing of a future Apple Car.

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

In early February, Kia’s parent Hyundai Motor Company (OTC: HYMTF) confirmed that the two Korean automakers were no longer in negotiations with Apple over EVs.

Hyundai had said earlier it was in talks with the tech giant but later backtracked from the statement, saying it received interest from multiple auto companies. 

Price Action: Apple shares closed nearly 0.2% higher at $135.37 on Friday. On the same day, Nissan OTC shares closed 3.82% lower at $12.10.

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


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