Hyundai Motor Co and its affiliate Kia Motors Corp said that they are not in talks with Apple Inc to develop an autonomous vehicle, responding to intense speculation about the potential new product by the maker of the iPhone.
Apple paused discussions with Hyundai and Kia weeks ago about building an electric vehicle (EV), people familiar with the matter told Bloomberg late last week.
Apple has discussed similar plans with other automakers, the people said, asking not to be identified as the information is not public.
The South Korean automakers also said in regulatory filings yesterday they were in talks with multiple companies about autonomous EVs, but that no decision has been made.
Shares of Hyundai, which said discussions with partners were in early stages, fell as much as 8.4 percent in Seoul, while Kia slumped 14 percent.
“Talks with Apple ending isn’t going to dampen Hyundai’s strategy because the automaker already has set up plans on its EV business with the Ioniq brand,” said Lee Jae-il, an analyst at Eugene Investment & Securities Co in Seoul. “There’s still possibility for Hyundai and Kia to cooperate with other automakers for its EV platform.”
Hyundai has recently developed a new EV-dedicated platform, and plans to build 23 models on it, beginning with the Ioniq 5 next month in Europe, followed by a Kia marque later this year.
EVs made on the platform would be able to charge up to 80 percent capacity in 18 minutes and add as much as 100km of driving range in just five. They will have a top range of 500km on a single charge.
A report from Nikkei Shimbun last week said Apple is in talks with at least six automakers for the development of its EV, while Dow Jones said Kia had approached potential partners about a plan to assemble Apple’s electric vehicle in Georgia.
Like many big tech companies that are working on connected and intelligent mobility solutions, Apple likely needs to partner with an automobile manufacturer. Setting up an auto car plant can cost billions of dollars and take many years.
An Apple car would rival EVs from Tesla Inc, as well as offerings from upstarts like Nio Inc (蔚來汽車), Li Auto Inc (理想汽車) and Lucid Motors Inc, and established players such as Daimler AG and Volkswagen AG.
EV sales are booming in Europe, reaching a record high last year and this year is expected to mark yet another period of growth, supported by a string of new models.
China is already the world’s largest EV market, with deliveries rising almost 10 percent last year to 1.11 million units, China Passenger Car Association data showed last month.
BloombergNEF forecasts that adoption of EVs would accelerate in the 2030s, and by 2050, about 65 percent of all passenger-vehicle kilometers traveled would be electric.
By 2050, EVs would account for 73 percent of all new car sales globally and there would be about 800 million passenger EVs on the roads out of a total passenger-
vehicle fleet of 1.5 billion.
Google on Thursday restructured its responsible artificial intelligence (AI) efforts to centralize teams under a single executive, Marian Croak, a move by the Internet giant to stabilize groups working on ethics research and products after months of chaos. Croak, a vice president of engineering, would be the lead for the Responsible AI Research and Engineering Center of Expertise, she said in a YouTube video announcing her appointment. The Alphabet Inc unit has sought to defuse employee rancor stemming from the acrimonious departure of a prominent black researcher, Timnit Gebru. Croak, a black Google executive who is currently focused on site-reliability matters, would report
‘LESS DUMB’ LIQUIDITY: If more companies start to speculate in cryptocurrency, ‘we’re going to be in bubble territory before you know it,’ a market analyst said Bitcoin is closing in on a market value of US$1 trillion, a surge that is helping cryptocurrency returns far outstrip the performance of more traditional assets such as stocks and gold. The largest token has added more than US$415 billion of value this year to about US$956 billion, data compiled by Bloomberg showed. The Bloomberg Galaxy Crypto Index, which includes bitcoin and four other coins, has more than doubled. Speculators, corporate treasurers and institutional investors are thought to have stoked bitcoin’s volatile ascent. Crypto believers are dueling with skeptics for the dominant narrative around the climb: The former see an asset being
PUNCTURE-PROOF: Air Fom tires are made of material used in sports shoe soles and offer a comfortable ride, although people are still skeptical about solid tires Getting a flat tire is a nightmare for cyclists, sending home early any rider who had ventured outdoors without a repair kit or spare inner tubes. Although punctured tires have long been a pain point for cyclists, the problem has never been effectively resolved, despite the bicycle industry going back centuries. A few products have been developed to help reduce the likelihood of flat tires: puncture-resistant tires, which are thicker than usual tires or come with a protective layer; anti-puncture tapes, which are placed between the tire and inner tube to offer extra protection; and tubeless systems that use sealant to close
LONG-TERM PLAN: The company expects growth in revenue from its automotive business this year and that it would contribute meaningfully to sales from 2023 Hon Hai Precision Industry Co’s (鴻海精密) new electric vehicle (EV) platform is expected to help launch vehicles later this year, chairman Young Liu (劉揚偉) said on Saturday, signifying major progress in the electronics giant’s push into the automotive industry. Two light vehicles designed using the company’s MIH Open Platform would be unveiled in the fourth quarter, Liu told reporters at the company’s headquarters in New Taipei City’s Tucheng District (土城). Hon Hai might at the same time also help launch an electric bus, he said. Hon Hai has been seeking to expand its automotive capabilities at a time when technology companies including