The South Korean giant had announced a future collaboration with Apple. But the project has already been abandoned, after disputes between the two companies.
We thought we finally knew a little more about the Apple car project. Hyundai had confirmed discussions with the American giant in early January. The goal was for Hyundai to produce Apple-badged electric cars., with technologies developed by the latter.
But over the weeks, the relationship is strained. First, Apple, always very concerned about secrecy as long as the finished product is not ready to be unveiled, pushed Hyundai to review its statement, to be vaguer: the Korean then said he was “approached, among others manufacturers, by a digital specialist “.
“We are not an equipment manufacturer”
Then, the decision to ally with the American was debated at Hyundai. A high-ranking official had described at Reuters “very difficult discussions internally: we are not an equipment manufacturer, which manufactures cars for others”.
In short, it was about a marriage that annoyed both sides. Canceling it is therefore the most sensible conclusion. But it remains surprising to see this agreement fail so spectacularly, and especially so publicly when these two companies are usually so low key. As a result, the stock price of Hyundai (and Kia, which it owns), has been on the yo-yo since the beginning of the year: it had jumped 20% after the announcement of the collaboration in January, and now falling by more than 6%, a loss of $ 3 billion at the beginning of February.
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