Apple IncRumored (NASDAQ: AAPL) discussions with Hyundai Motor Co. and its subsidiary Kia Motors Corp. on the construction of an electric vehicle have been suspended, Bloomberg reported.
What happened: Apple was upset by Hyundai’s announcement in January that it was in talks to join the electric car project. However, later, Hyundai and its subsidiary Kia dropped the statement. It is not clear when the discussions can be resumed.
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A South Korean newspaper reported this week that Kia received a $ 3.6 billion investment from Apple as part of a collaboration to manufacture electric vehicles. According to the report, the deal was due to be signed on February 17 and the electric car was expected to be manufactured in 2024.
Why it matters: Speculation has been rampant about the business, as there are internal differences within Hyundai about it. Bloomberg said there is a dispute over whether Hyundai or Kia will be able to produce Apple’s autonomous vehicle.
Earlier, Apple Insider reported, 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 is made up of two engines and has a maximum range of 310 miles at full load.
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