Apple Inc.‘s (NASDAQ: AAPL) discussions with Hyundai Motor Co. and its subsidiary Kia Motors Corp. about the construction of an electric vehicle was suspended, Bloomberg reported.
What happened: Apple was upset about Hyundai’s announcement in January that they were in talks to join the electric car project. Later, however, Hyundai and its subsidiary Kia waived the statement. It is not clear when the discussions can resume.
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A South Korean newspaper reported this week that Kia has received a $ 3.6 billion investment from Apple as part of a collaboration to manufacture electric vehicles. According to the report, the agreement had to be signed on February 17 and the production of the electric car would be planned for 2024.
Why it matters: Speculation has been rife over the deal, as there are reportedly internal differences within Hyundai over it. According to Bloomberg, there is a dispute over whether Hyundai or Kia will manufacture the autonomous vehicle from Apple.
Apple Insider reported earlier, citing TF Securities analyst Ming-Chi Kuo, that Apple has discussed similar plans with other automakers, such as 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 consists of two cars and has a maximum range of 310 miles at full charge.
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