Hyundai

Hyundai Declares It’s No Longer Working with Apple on a Car

  • CNBC reports that Apple and Hyundai-Kia are close to finalizing a deal to build an autonomous Apple car.
  • The vehicle would be completely designed by Apple and built at Kia’s factory in West Point, Georgia.
  • The self-driving autonomous vehicle would be built without a driver’s seat and could potentially go into production in 2024.

    UPDATE 2/8/21, 1:00 p.m. ET: Hyundai Motor announced this morning that it is no longer in talks with Apple to build the technology company’s planned autonomous electric vehicle. After a month of talks between the two companies, it seems that the deal created a stir within Hyundai’s executive ranks over concerns about the automaker becoming a builder of Apple products like Foxconn. “We are receiving requests for cooperation in joint development of autonomous electric vehicles from various companies, but they are at early stage and nothing has been decided,” the automaker said. “We are not

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    Apple is reportedly nearing a deal to build its autonomous electric car with Hyundai



    Tim Cook wearing a suit and tie: Apple is nearing a manufacturing deal with Hyundai Motor Group, CNBC reported. Karl Mondon/Digital First Media/The Mercury News via Getty Images


    © Karl Mondon/Digital First Media/The Mercury News via Getty Images
    Apple is nearing a manufacturing deal with Hyundai Motor Group, CNBC reported. Karl Mondon/Digital First Media/The Mercury News via Getty Images

    • Apple and Hyundai are nearing a deal to build an electric car together, CNBC reported Wednesday. 
    • The Apple-branded car would be built at Kia’s plant in Georgia, the outlet reported. 
    • Sources told CNBC that the deal wasn’t done and Apple may partner with another automaker.
    • Visit the Business section of Insider for more stories.

    Apple is nearing a deal with Hyundai Motor Group to build a self-driving electric vehicle of its own, CNBC’s Phil LeBeau and Meghan Reeder reported Wednesday, citing multiple sources familiar with the project.

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    If finalized, the EV would be Apple-branded and built at Kia’s assembly plant in West Point, Georgia, CNBC reported. 

    Sources told the outlet the deal wasn’t done yet

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    CNBC: Apple and Hyundai nearing Apple Car deal, first version will ‘not be designed to have a driver’

    Following an earlier report today from the Korean newspaper DongA, CNBC now corroborates the partnership between Apple and Hyundai/Kia Motors. According to the new report, both companies are close to finalizing a big deal that will lead to the manufacture of the long-rumored “Apple Car.”

    Last month, Hyundai Motor confirmed that the company was in talks with Apple, although it did not reveal the reasons behind it. At that time, rumors suggested that Kia Motors — which is owned by Hyundai — would help Apple manufacture the first Apple Car.

    A new report from CNBC says the Apple Car will be manufactured at a Kia facility in West Point, Georgia. Apple and Hyundai are close to sealing a deal, which could be worth about $3.6 billion, according to a Korean newspaper. If the rumors are right, the production of Apple’s first electric vehicle will begin in 2024.

    However,

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    Apple Car By 2024? Hyundai, Kia Stocks Surge As Apple Deal Closes In

    KEY POINTS

    • Shares of Hyundai and Kia surged as a potential deal with Apple to build electric vehicles emerges
    • The $3.59 billion deal is expected to be finalized on Feb. 17
    • The first Apple Car will most likely be self-driving, or autonomous

    Shares of South Korean automakers Kia and parent company Hyundai surged Thursday after news of a potential deal with Apple to manufacture autonomous electric cars. 

    Hyundai and Kia saw their shares rise by 1.22% and 0.31%, respectively, in the Thursday morning trade after it was revealed both were close to finalizing the $3.59 billion deal with Apple to produce electric vehicles at the Kia assembly plant in Georgia. 

    A South Korean news outlet said Apple and the two car manufacturers are expected to sign the deal on Feb. 17. 

    The agreement comes after years of speculation about whether the game-changing tech company known for its iPhones, iWatches and

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    Hyundai Will Build the Fully Autonomous Apple Car at the U.S. Kia Facility

    Month-long reports of a possible deal between Apple and Hyundai, which would bring forth the Apple Car, also known as Project Titan, are kicking into high gear again. Despite denials from Hyundai, the carmaker and the tech giant really are in negotiations over a possible deal.

    In fact, CNBC reports, the negotiations are in the final stretches, which would mean the deal is about to be finalized. It would see Apple building its car at the Kia facility in West point, Georgia, no later than 2024.

    Word of the Apple Car, or Project Titan, has been around for years, but Apple has said nothing on the record about it yet, in typical fashion. It is believed Hyundai was “forced” to walk back on a previous statement about the deal being negotiated because Apple is so keen on secrecy around all its projects.

    Still, like in every other industry, word

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