Hyundai’s hopes to build an electric vehicle (EV) for tech giant Apple began to wane in recent weeks, and in a recent update, it appears the companies will no longer be pursuing a partnership.
According to a regulatory filing from Hyundai and Kia, the company has said they “are not in talks with Apple over developing an autonomous vehicle,” as reported by The Wall Street Journal.
This statement is in contrast with the company’s claims a few weeks ago, which haphazardly stated that a partnership with Apple was being discussed, just before many Hyundai executives backpedaled the rumors and analysts began pointing out that Apple rarely shares information about its third-party suppliers.
Tim Cook: "Welcome! Have a seat!"
Hyundai CEO: "Thank you, thank you. We are very excited about the feedback we have received since confirming that our two companies are in talks."
Tim Cook: "Get out." pic.twitter.com/WLpr9XFehH
— Joe Rossignol (@rsgnl) February 8, 2021
Following the filing’s disclosure, Hyundai’s shares decreased by 6%, while Kia’s shares sank by more than 13%. This is following recent upticks in the companies’ shares, which occurred after the company’s announcement of a partnership with Apple.
Rumors of the Apple Car began surfacing throughout the latter half of 2020, and they’ve definitely had the internet in a frenzy. Many analysts have begun speculating as to what an autonomous Apple Car might offer, though even early estimates don’t predict the car to enter the market until at least 2025 – and most estimates lean towards 2030.
Still, an autonomous car from Apple could offer a lot to the average consumer, especially considering the amount of people worldwide already using the iPhone maker’s operating system on a regular basis. While Hyundai may have lost its chance to take part in the company’s dream, consumers can still prepare to enjoy a whole new type of product from Apple, if and when it ever comes to fruition.