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Summary
- Hyundai is in talks with US tech giant Apple for development of electric mobility solutions.
- Apple-Hyundai potential tie-up can give the world an electric powered car by 2027.
- Shares of Hyundai Motor Co were up by 20 per cent.
Shares of South Korean multinational automotive manufacturer Hyundai Motor Co (KRX: 005380) rallied nearly 20 per cent on the Korea Exchange after the automaker announced that it is in talks with US tech giant Apple for development of electric mobility solutions. However, according to some media reports, the discussion is still in the early stages, and nothing has been finalised.
The Apple-Hyundai potential tie-up can give the world an electric powered car by 2027. Although there was no official statement from Apple Inc, Hyundai in a press release has said that it has been getting partnership requests for developing electric cars from diverse companies.
Also read: Elon Musk Tweets Tesla to Release ‘Full Self-Driving’ Beta On 20 October
The iPhone maker, Apple Inc ventured into electric car development back in 2014 by launching its flagship programme Project Titan. The company is now focussed on developing a breakthrough battery technology that can be deployed in self-driven passenger vehicles by 2024.
Apple is currently putting its synergies all together to design a new battery that is both economical in terms of maintenance and can deliver a long vehicle range. Though Apple has deep pockets and can invest millions in developing the battery mobility solutions, however, it lacks the experience of making a car and managing the supply chain of spares. The spare parts for the automotive industry are sourced from different parts of the world.
Also read: Tesla Boss Elon Musk Dethrones Jeff Bezos To Become World’s Richest Person
On the flip side, Hyundai is expected to expand its electric car lineup from 2022, according to a press release. The EV lineup shall comprise of sedans and crossovers that will be powered by hybrid, electric and plug-in hybrid mobility solutions.
As most of the businesses are returning their existing models regarding sustainable development, the automotive sector is also developing alternative propulsion options to meet the needs of a diverse customer base and environmentally conscious society.
The Korean carmaker had recently unveiled its new Electric-Global Modular Platform (E-GMP) that offers bidirectional charging, long range driving and other high-performance specifications. This new platform is expected to power Kia electric cars, a sub-brand of Hyundai, and the upcoming Ioniq EV series that is expected to hit the market later in 2021.
With Hyundai’s E-GMP technology, the car now supports fast charging as they recharge to 80 per cent in just 18 minutes and have a driving range of 500 kilometres. The bidirectional charging feature offers the car buyers with an option to feed energy back to the grid if needed as it can power the home appliances for about a day.
