Apple and Hyundai
Apple is rumored to be working on a deal with Hyundai for Apple Car production. (Photo: Alphacolor /Unsplash(BY CC 2.0))

There are talks that Apple is negotiating a deal with Hyundai for the production of the Apple Car.

Apple is reportedly holding talks with Hyundai for the production of Apple Car and the development of its batteries. These whispered talks about a potential deal with Apple electrified investors in the stock market, causing the shares of Hyundai Motors Company to rise by more than 20%.

Neither Hyundai nor Apple confirmed the unconfirmed reports that the Cupertino tech giant is working out a deal with the South Korean automaker for the production of the much-hyped Apple Car. When news outlet CNBC sent a request for comment to the South Korean company, its reply came by way of a tweet, which did not confirm, nor deny, whether rumors are true. "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," Hyundai's stated in its tweet.

According to Korea Economic Daily, a Korean news site, Apple officials are currently holding top-level negotiations with Hyundai Motor Group executives for the production of the Apple Car. The report also revealed that Apple's decision to enter into a partnership with Hyundai came as a result of the company's realization that developing the necessary technology for the production of electric vehicles and its batteries involve "enormous costs," not to mention the necessity of having production facilities for such endeavor.

This is not the first time that rumors of such nature surfaced. In the past, rumors also suggest that Apple is looking for a manufacturing partner for the Apple Car's production, though up to this point, there is still no confirmation as to which automobile maker Apple might go into partnership with. Since the Korea Economic Daily report mentions the word "negotiations," there might be no actual deal yet, which means the Twitter post of the South Korean automobile giant has a semblance of truth. Nevertheless, the rapidly spreading rumor that Apple is working on a deal with Hyundai Motors for the production of its Apple Car is enough to excite some investors, causing the stock market price of the automobile maker to rise by as much as 20%.

In another report from Bloomberg, it revealed that work on the Apple Car project is still in its early stages. The report also did not mention any ongoing negotiations with Hyundai, adding that the Apple Car project is "nowhere near production stage." Bloomberg, however, reported that it might take anywhere between five to seven years before an Apple Car is launched.