Hyundai and Apple Eye Partnership, Stocks Boom
Hot on the heels of continued posturing and announcements from Hyundai about the manufacturer’s plans to enter the electric vehicle market as a more affordable option, the carmaker is apparently also in talks with tech juggernaut Apple about a potential partnership.
Apple has been eyeing its own entry into EVs and autonomous vehicles, so a partnership could elevate the quests of both parties – and the news saw Hyundai stocks skyrocket 25% in the wake of it breaking.
Reports say the two companies plan to co-develop and manufacture a self-driving electric Apple car along with its batteries by 2027.
However, nothing has been made official yet; regulatory filings only say that Hyundai has “received requests for potential cooperation from various companies developing autonomous EVs.”
More than anything, this move could be a signal that Apple plans to continue working to establish itself as a lifestyle brand. Challenges persist, though – will partnerships be difficult to maintain as Apple tries to own the space? Are there enough buyers? Is the name enough to get consumers in the door Hosts Daniel Litwin and Tyler Kern discuss on this MarketScale Industry Update.
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