The South Korean car company initially said it was in the “early stage” of talks with the iPhone maker about a possible electric car partnership.<\/p>\n\n\n\n
But hours later it backtracked and said it was talking with a number of potential partners without naming Apple.<\/p>\n\n\n\n
Hyundai’s share price rose more than 20% when the tie-up was announced.<\/p>\n\n\n\n
“Apple and Hyundai are in discussions but they are at an early stage and nothing has been decided,” it said in a statement which was later revised. Hyundai’s value shot up $9bn (\u00a36.5bn) after the Apple announcement.<\/p>\n\n\n\n
While an updated statement said it was talking to a number of companies about a possible electric car tie-up including Apple, a later version omitted the US tech firm.<\/p>\n\n\n\n
Apple is known for its secretiveness when it comes to new products and partnerships.<\/p>\n\n\n\n
Last month, news emerged that Apple was moving forward with self-driving car technology with a 2024 launch date.<\/p>\n\n\n\n
The electric vehicle (EV) market is becoming increasingly competitive, with companies such as Tesla grabbing the headlines with its rapidly-increasing valuation. Tesla chief executive Elon Musk is now the richest man in the world, displacing Amazon founder Jeff Bezos.<\/p>\n\n\n\n
Experts say an electric vehicle from Apple is still at least five years away.<\/p>\n\n\n\n
They say pandemic-related delays could push the start of production into 2025 or beyond.<\/p>\n\n\n\n
Hyundai has already been pushing into new technologies such as electric, driverless and flying cars.<\/p>\n\n\n\n
Last month, it took a controlling stake in Boston Dynamics in a deal that valued the mobile robot firm at $1.1bn.<\/p>\n\n\n\n
The company is also setting up a $4bn autonomous-driving joint venture with auto parts supplier Aptiv.<\/p>\n\n\n\n
Both partners will invest $2bn, while Ireland-based Aptiv will contribute about 700 engineers and transfer patents and intellectual property to the venture.<\/p>\n\n\n\n
Apple’s efforts to produce an electric car, known as Project Titan, have been on and off ever since plans were revealed in 2014.<\/p>\n\n\n\n
There have been rumours over who would assemble an Apple-branded car as it may be difficult for the tech giant to manufacture them on its own.<\/p>\n\n\n\n
Its rival Alphabet’s Waymo chose a factory in Detroit to mass produce its own self-driving cars.<\/p>\n","protected":false},"excerpt":{"rendered":"
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