Hyundai has created confusion about initiating a potential partnership with Apple to produce an electronic car.
South Korean carmaker Hyundai said it was in an “early stage” of talks with mobile phone maker iPhone about a possible partnership to produce electric cars.
A few hours later, however, he backed down, saying he had talks with a number of potential partners without naming Apple.
Hyundai’s shares rose more than 20 percent when the potential partnership with Apple was announced.
A statement said: “Apple and Hyundai are in talks, but they are at an early stage and no decision has been made.”
But the statement was later amended. The market value of Hyundai shares rose to 9 billion US dollars (6.5 billion pounds) after the announcement.
Although a new statement mentioned that Hyundai is in talks with a number of companies about a possible partnership that includes Apple, a modified version of the statement did not mention the name of the US technology giant.
Apple is known for its commitment to privacy when it comes to new products and partnerships.
Last month, news broke that Apple was continuing with the technology of self-driving cars, and in 2024 it will launch its new cars.
The electric car market is now increasingly competitive, with companies such as Tesla capturing the stock, knowing that their market value has grown rapidly.
Tesla CEO Elon Musk is said to be the richest man in the world, while removing Jeff Bezos, the founder of Amazon from the throne of the richest man in the world.
Experts say the electronic car that will be produced by Apple will need at least five years before it is completed.
They say delays caused by coronavirus could delay their launch by 2025 or more.
Realization of what was missed
Hyundai strives to adopt new technologies, such as electric cars, self-driving cars and flying cars.
And last month, Hyundai acquired a significant stake in Boston Dynamics, a $ 1.1 billion robot-producing company.
The company also entered into a $ 4 billion joint venture with Aptiv, a company that specializes in supplying auto parts.
The two partners will invest $ 2 billion, while the Irish company Aptiv will contribute about 700 engineers and handle the transfer of patents and intellectual property rights to the project.
Apple’s effort to produce an electronic car, known as Project Titan, has been subject to ups and downs since the launch of plans in 2014.
There are many rumors about who will assemble Apple cars, because the US technology giant may have difficulty making these machines on its own.
Apple’s rival, Alphabet and Emo, have chosen a factory in Detroit to produce their cars with automatic driving.