Apple and Hyundai to build electric car: report

Two of the world’s biggest companies are set to join forces to bring a long-rumoured product to market, according to a new report.

Tech giant Apple is about to leap into the world of electric cars according to a new report.

News outlet Reuters says the American company is working on signing a partnership with Hyundai to build an autonomous electric car.

Production is rumoured to start in 2024, but the vehicle isn’t expected to launch until 2027.

Hyundai’s share price skyrocketed on the news, rising about 20 per cent in the past few days.

According to earlier reports the car would be built in Hyundai’s Georgia factory, or a newly co-owned factory. But considering Apple usually outsources production of its products Hyundai is expected to take the lead.

Hyundai is expected to start building its Ioniq 5 this year.

The partnership would allow the two companies to focus on what they do best, with Hyundai bringing its automotive manufacturing expertise and Apple its software and battery prowess.

Apple has been working on advanced self-driving technology using lidar, which uses an array of sensors to build a digital image of the car’s surroundings.

The emergence of 5G technology will help speed up the development of autonomous cars. The new-generation wireless tech allows for hyper fast transfer of data, which will allow for cars to talk to each other and make decisions in just a fraction of a second.

Hyundai has been at the forefront of electric car development from mainstream brands — it currently sells the Ioniq and Kona EV electric vehicles in Australia.

The Kona Electric has been on sale locally for several years.

The South Korean company recently showed off its new electric car platform, which is expected to spawn a new range of electric cars. The first model is due to arrive this year.

This scalable platform could be used by Apple and is capable of producing vehicles in all sizes from a small hatchback to a large seven-seat SUV.

Apple has long had the desire to build an autonomous electric car, having launched its “Project Titan” initiative back in 2014.

The project was thought to be dead in the water a few years ago until rumours of a partnership with a manufacturing parther resurfaced late last year.

Recent reports say Apple has hired several former Tesla executives to bolster the team as well as a former BMW engineer and staff who have worked on Google’s car project.

Originally published as Apple and Hyundai to build electric car: report