Apple’s in-house team has been working on the Apple Car since 2014. The team consisted of a hand-picked group of specialists, and all the development work for this project was done under the name Project Titan. The company has long dreamed of entering the automotive industry, successfully manufacturing and selling a wide range of engineering products.
A long cherished dream
Although the global technology giant had been working on his dream project for six years, he was not satisfied with the progress made in that direction. Some time ago, she began to toy with the idea of partnering with another company to make things go a little faster.
Recent reports suggest that Apple is in talks with multinational automaker Hyundai to produce the self-driving car, which would be the first to be produced. Although neither company has made a formal announcement, it has been reported that the management of the two companies is at an advanced stage and the likelihood of an agreement between the two companies is very high.
Two giants hold hands
According to a report by the Reuters news agency, the two companies are very positive about reaching a joint agreement. Once this is done, they put together a plan to set up a common structure and take care of the logistics of the car. Apple plans to begin production of the car in 2024 and is counting on the cooperation and support of Hyundai to ensure that the car reaches the market on time. The factory where the car will be produced will probably be in the United States.
Kia Motors, a subsidiary of Hyundai, has a factory in Georgia. Companies are toying with the idea of having cars made in this spacious and well-maintained factory. Both companies also have the option of investing in the construction of a new plant somewhere in the United States. According to reports, Apple and Hyundai plan to produce about 100,000 cars by 2024. However, the annual capacity of the plant is expected to be much higher at 400,000 vehicles.
To ensure that the final product lives up to their grand vision, Apple and Hyundai plan to launch a beta version of the car as early as 2022. Based on feedback from experts and consumers in general, they are testing to further modify the car.
On Friday, Hyundai issued an official statement confirming that they are indeed in talks with Apple about a possible collaboration between the two companies, but nothing has been put in writing yet. There was a lot of excitement in trading, as evidenced by the fact that Apple’s shares rose nearly 20% immediately after the news was announced.
2024 is the year Apple plans to launch its dream car in partnership with Hyundai. But industry analysts believe that the market should not expect a car until 2025 at the earliest. According to another report, it will take another five to seven years for the planned car to reach the market.