Benzinga
Apple Car: after the fall of Hyndai, rumors of partnership with Renault appear
The Apple Inc. car design (NASDAQ: AAPL) continues to heat up the market, though not directly on Apple’s stock. The Cupertino company has been working on a fully autonomous electric car for some time, but so far it does not seem to have found the right partner among car manufacturers. Apple-Hyundai deal is over: Until a few days ago, the deal with Hyundai Motor Company Ltd. (OTC: HYMTF) looked like a closed deal. The South Korean company – after the first successful approaches last January – was ready to make Kia’s West Point (Georgia) plant available to Apple, but a few days ago the process was halted, apparently due to internal disagreements within Hyundai’s edge. See also: How to buy Apple stock speculation about Renault: However, Apple has many options. With the Hyundai-Kia hypothesis fading, a possible partnership with Renault ADR (OTC: RNLSY) appears to be gaining ground, with the French automaker being allied with other major Asian automakers, such as Nissan Motor Co. Ltd. (OTC: NSANY ) and Mitsubishi. Apple’s goal would be to reach an agreement with an Asian company, probably to intercept the (potential) endless market for electric cars on the continent. Renault shares on the rise: after rumors of a possible deal with Renault – the automaker that makes Zoe, one of the best-selling electric cars in the world – the French automaker’s stock soared yesterday, rising again above $ 40, which Renault has not achieved since December 2019. However, the share fell 2% today, perhaps due to lack of confirmation or just due to some profit realization. See also: Why Apple can emerge as Tesla’s ‘first real competitor’ by 2024: “We are receiving several requests for cooperation in the joint development of autonomous electric vehicles from several companies, but they are at an early stage and nothing has been decided “, Hyundai executives said in a note in which they rejected the agreement with Apple. In conclusion, the Apple Car will have to wait for now: there is time until 2024, which is the expected launch date. This article originally appeared on Financialounge.com and has been translated from Italian into English. It does not represent Benzinga’s opinion and has not been edited. For news coverage in Italian or Spanish, check out Benzinga Italia and Benzinga España. See more of BenzingaClick here for BenzingaBoom options trading on digital payments: Here are the actions to bet on © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.