Baek Byung-yeul is a journalist at The Korea Times focused on cultural content, including films and cultural events in South Korea. You can contact him at baekby@koreatimes.co.kr to share your insights.
Hyundai Motor aims to co-develop electric car with Apple
Hyundai Motor Group's Electric-Global Modular Platform (E-GMP). The platform will be used to produce electric vehicles for the group's Hyundai, Kia and Genesis brands. / Courtesy of Hyundai Motor Group
By Baek Byung-yeul
By Baek Byung-yeul
Since Apple will reportedly commence electric vehicle (EV) production, news surrounding the U.S. tech behemoth has been creating a stir in Korea, raising expectations that the iPhone maker will invite numerous local EV companies to its supply chain.
Following speculation in late December that LG Group could supply components needed for Apple's EVs, Hyundai Motor Group was also linked to the EV production, according to a local report, Friday.
Hyundai Motor, the country's largest automotive group with three brands ― Hyundai, Kia and Genesis ― is reportedly in early-stage talks with Apple to jointly develop the car.
A PR official of Hyundai said the automotive group was in discussions with numerous EV makers for potential cooperation and nothing has been decided yet.
“We've been receiving requests for potential cooperation from various companies regarding the development of autonomous EVs. No decisions have been made as discussions are in the early stages,” the official said.
Thanks to the potential EV cooperation with Apple, shares of Hyundai Motor surged 13 percent in early trading Friday. As of 2:35 p.m., an hour before the close, Hyundai Motor's share price had increased by 17.23 percent from the previous.
Apple has reportedly conducted its vehicle-making project, Project Titan, since 2014, but the company has never announced any visible results from the project. But the EV industry is undergoing rapid changes, and Reuters reported Dec. 21 that Apple was planning to jump into the market. Since then, rumors have swirled that Apple has been talking with numerous EV component companies. The report said Apple plans to produce a passenger vehicle by 2024 that could include its own battery technology.
LG Electronics already drew attention as it will set up a joint venture with Canada-based vehicle parts maker Magna International to produce EV components. Given Magna was engaged in Project Titan, LG Electronics shares soared as investors anticipated the joint venture could potentially supply components for Apple's EVs.
For Apple, Hyundai Motor Group, the world's fifth-largest automotive group, probably looks attractive because the Korean carmaker owns production facilities across the world.
Hyundai also has Electric-Global Modular Platform (E-GMP), a dedicated battery electric vehicle platform, designed to serve as core technology for the next-generation EVs of its Hyundai, Kia and Genesis brands.
The carmaker said cars produced on the platform have a maximum driving range of over 500 kilometers on a fully charged battery. Hyundai Motor launched its EV-only brand IONIQ in August and plans to release three dedicated EV models ― the IONIQ 5, 6 and 7 ― by 2024.