Yahoo Finance Apple is building an electric car, Hyundai confirms
Hyundai has confirmed that it is in discussion with Apple over the development of an electric car, following reports that the software giant is developing a self-driving vehicle.
“We understand that Apple is in discussion with a variety of global automakers, including Hyundai Motor. As the discussion is at its early stage, nothing has been decided,” a representative from Hyundai Motor told CNBC.
The news came following a report from the Korean Economic Daily, which reports that Apple approached the car manufacturer to propose the deal, which would develop both an electric vehicle as well as rechargeable batteries.
It is claimed that Apple’s Project Titan, the codename for its car development, will see a battery produced that could “radically” reduce costs while increasing the vehicle’s range.
Previous reports have suggested the company will use a “monocell” battery design that allows more active material to be contained, and therefore let the car drive further on one charge.
“If there is one company on the planet that has the resources to do that, it’s probably Apple. But at the same time, it’s not a cellphone,” a former Project Titan employee said.
It is possible that the development of Apple’s electric car will start in 2024, although the effects of the coronavirus pandemic could push that back to 2025.
Apple declined to comment when questioned by The Independent.
Such a development could pose a challenge to Tesla, which CEO Elon Musk has said he considered selling to Apple in 2017 for one-tenth of its current value.
Mr Musk recently overtook Jeff Bezos to become the richest person in the world.
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