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Apple And Hyundai to Reportedly Sign Agreement For 2024 Electric Vehicles

Apple And Hyundai to Reportedly Sign Agreement For 2024 Electric Vehicles

Apple’s rumored Apple Car could come to fruition if a possible March agreement between Apple and Hyundai produces a 2024 electric vehicle.

Apple’s rumored Apple Car could come to fruition if a possible March agreement between Apple and Hyundai produces a 2024 electric vehicle.

Credit | 9to5Mac

According to a new report by Reuters, Apple and Hyundai are in advanced talks to design and manufacture Apple’s Apple Car, hoping to reach a deal by March, with production starting in the mid to late 2020s.

Before being revised, a report by Korea IT News said that the companies may manufacture the EVs in a Kia Motors factory, a Hyundai affiliate, or create a new facility in the US all together. The report says that upwards of 400,000 vehicles could be produced annually, barely less than what Tesla produced last year.

While Apple Car production was rumored to begin around 2024, the time frame was soon adjusted to be closer to 2025 or 2027. Bloomberg has said that the Apple Car is “nowhere near production stage,” obviously pushing back the possibly release date. 

Hyundai's own EV | Credit - Chargepoint

Rumors had first surfaced about Apple’s involvement with Hyundai last week, suggesting that Apple is planning to design and develop the car, while partnering with Hyundai to produce vehicles. Since Hyundai has the prerequisites to produce EVs, that could be a great pair.

Hyundai had confirmed their involvement with Apple in a statement to CNBC, but that statement had been revised later, removing any mentions of Apple within the statement.

Following the statement’s release, Apple stock shot up, and Hyundai stock shot up, over 30% at a mid-day high.

Alongside these multiple reports, there were also rumors that a “beta version” of the Apple Car might launch next year, an incredibly fast prototype for an EV. If Apple’s had previous experience with designing the EV, with possible past designing already, then this could be possible.

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Entering the automobile industry, and specifically the EV industry (electric vehicles), would result in some amazing revenue and margins for Apple’s already massive company. Hyundai would also receive a boost to their main business, as well as creating some new recognition across multiple industries.

Apple’s incredible branding and dedicated customer base would likely make this an absolute win for the company, helping push the $2 trillion company further into the spotlights of many.