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The electric vehicle gets competitive with a potential Hyundai x Apple collaborationINTL

The electric vehicle gets competitive with a potential Hyundai x Apple collaboration

On the topic of automobiles, there is buzz in the market surrounding rumors of Hyundai Motor Company (HYMTF) potentially partnering with Apple (APPL) to create a new electric vehicle. Hyundai didn’t deny the rumors, stating to Bloomberg that “Apple and Hyundai are in discussion, but as it is at an early stage, nothing has been decided.”

The speculation was enough to excite Hyundai investors, sending shares of the company up by more than 20% on Friday on the Korea Exchange.

Last month, Reuters delighted Apple (AAPL) fanboys and girls with reports about Project Titan, the tech company’s initiative to develop a fully autonomous electric passenger vehicle. The report generated buzz amongst investors and electric vehicle enthusiasts. If Apple is serious about creating an autonomous electric vehicle, they’ll need a partnership with an established auto maker like Hyundai who already has the ball rolling in battery and autonomous driving technology.

why it matters
Apple certainly has the brand power to launch an electric vehicle in the mass market, but the production and technology will need to be outsourced, making Hyundai a suitable candidate. Hyundai's resume already speaks to the role as it has launched its own electrical vehicle brand last August, called Ioniq. The car marker's ambitious plan is to bring three electric vehicles to market over the next four years and capture 10% of the EV market by 2025 (Elon, you better not get too comfy with your new-found title!).