Apple recently announced its plans to build its own autonomous vehicle titled Project Titan. However, who it partners with to build this vehicle remains a mystery. On Friday, a candidate emerged in the shape of Hyundai Motor Co. The Korean manufacturer saw an $8 billion surge in its market value over speculation that it had partnered with Apple to help develop Project Titan.
There were reports from multiple news outlets including Korea Economic Daily that Apple proposed a deal to the company to help develop its car and provide assistance with battery technology. Hyundai initially confirmed this with an official statement but has now backed away from it. CNBC quoted an unnamed spokesperson for Hyundai saying, “We understand that Apple is in discussion with a variety of global automakers, including Hyundai Motors. As the discussion is at its early stage, nothing has been decided.”
By naming Apple initially, Hyundai risked upsetting the California based tech giant known for its secretiveness when it comes to new products and partnerships. Apple’s autonomous electric vehicle is still a long way away with development still at an early stage. The vehicle is not expected to launch before 2025 and Apple will do everything it can to keep details regarding the venture under wraps.
Hyundai’s potential partnership with Apple makes sense, however, as it is already pushing to develop new technologies such as autonomous electric vehicles. It plans to release its first electric vehicle this year.
Hyundai was recently brought back into Pakistan by the Nishat Group. How the potential cooperation between Apple inc. and Hyundai Motor Co. impacts the Pakistani market is still up for debate. Will Hyundai Nishat help bring this new autonomous vehicle to Pakistan in the future? Will a potential deal impact the market value of other companies owned by the Nishat Group? All this remains to be seen, however, Apple enthusiasts and potential investors should not get their hopes up as the launch of Project Titan is still a long way away.
