TF Securities noted analyst Ming-Chi Kuo spoke about the “Apple Car” on Monday, saying that Apple will work closely with Hyundai on an initial model that could lead to new vehicles built in association with General Motors and the European manufacturer PSA.
In a note to investors, Kuo corroborated recent reports of a potential partnership with Hyundai, saying that the first “Apple Car” will be built on the company’s E-GMP electric vehicle platform. Hyundai Mobis is taking the lead in component design and production, while Hyundai’s subsidiary, Kia, will take care of production in the United States
Launched in December, the E-GMP is a dedicated battery-powered electric vehicle (BEV) platform that consists of up to two engines, a five-link rear suspension, integrated drive axle, battery cells, load system and other chassis components. bearing. According to the company, the system has a maximum range of about 310 miles at full load and can be charged up to 80% in 18 minutes. Acceleration for a “high performance” setting is estimated to be 0-60 mph in less than 3.5 seconds, with a speed limit of 160 mph.
Hyundai plans to use the E-GMP as the basis for a variety of models set to debut with its flagship and Kia brands this year.
Like previous rumors, Kuo believes that Apple will outsource the manufacture and assembly of parts to established automakers. EVs contain about 40 to 50 times more parts than a smartphone, notes the analyst, suggesting that Apple will need to rely on the automaker’s existing resources if it wants to create a functional car in time. The tech giant won’t be able to build its own automotive supply chain – as it did for devices like the iPhone, iPad and Apple Watch – without incurring significant delays.
“Apple’s deep collaboration with current car manufacturers (Hyundai Group, GM and PSA), who have extensive experience in development, production and qualification, will significantly reduce the development time of the Apple Car and create a time-to-market advantage. market, ”writes Kuo. “We believe that Apple will leverage the capabilities of today’s auto manufacturers and focus on autonomous hardware and software, semiconductors, battery-related technologies, internal space format and design, innovative user experience and integration with Apple’s existing ecosystem.”
Given a longer development time, higher validation requirements, a more complex supply chain, and “very different” sales and after-sales services, Kuo does not expect the so-called “Apple Car” to hit the roads until 2025, at the very least. That date is still considered aggressive for a technology company that is making its first foray into a new sector.
Apple is likely to market the vehicle as a “very sophisticated” or “significantly taller” model than a standard electric vehicle.
If the first “Apple Car” is successful, Apple could court regional partners at GM and PSA, the latter of which makes cars under a variety of brands, including Peugeot, Citron and Opel.
Kuo throws cold water on rumors that longtime manufacturing partner Hon Hai, who is getting into the EV fight with his MIH platform, will guarantee the assembly of the “Apple Car” or coating orders. Pan-International, Eson, Long Time Tech and G-Tech are also unlikely to enter the supply chain, the analyst said.
Kuo’s predictions come amid a flood of “Apple Car” gossip. In early January, Hyundai confirmed – but later reversed – reports that it was in talks to produce Apple’s long-standing automotive project. More recently, a report from last week states that executives at the South Korean automaker are deliberating whether a collaboration with the world’s largest technology company would be good for business.
“It’s not like working with Apple always produces great results,” said an unidentified executive. Reuters Last week. “Apple is in charge. They do the marketing, they make the products, they make the brand. Hyundai does it too. It doesn’t really work.”