Hyundai Just Made Boatloads of Cash Thanks to This Obvious Move
There is no denying that Hyundai has been on a roll in the last few years. Many of Hyundai’s best-selling models went from being appealing thanks to their affordability to being truly compelling machines. The Korean manufacturer has now decided to partner up with a massive tech company to take another step forward. According to Roadshow, Hyundai struck a deal with Apple, which caused stock prices to skyrocket overnight seemingly.
Why is this Hyundai-Apple partnership so significant?
It is no secret that Apple has been secretly working on its first all-electric vehicle. As far as we know, it’s current codename is Project Titan and is set to debut sometime in the next few years. The first hurdle is that Apple doesn’t exactly have experience building electric cars. As a result, its decision to partner up with Hyundai makes perfect sense.
As of writing, the Korean carmaker sells just two brand-new electric vehicles. The first is the Kona, which features a 201-hp electric powertrain with up to 256 miles of range. The second is the Ioniq, which has a 134-hp electric powertrain and boasts an estimated electric range of 170 miles. According to RoadShow, Hyundai will reportedly lead the battery design for the upcoming Apple car.
Since Korean carmaker decided to partner up with one of the world’s largest tech companies, stock prices shot up. According to RoadShow via Reuters, Hyundai’s stock prices have increased as much as 17.5 percent since the partnership’s announcement.
What could this mean for the future of both companies?
It is no secret that the auto industry is embracing an electrified future at a rapid pace. As a result, creating a compelling electric vehicle could result in a massive payday for both companies. Additionally, a significant investment from Apple could greatly improve the quality of Hyundai’s electric vehicles. While the Kona and Ioniq mentioned earlier are decent electric vehicle offerings, they fall short when stacked up against the leaders of the EV world.
Take Tesla, for example. Its Model S currently has a maximum range of 402 miles. The smaller Model 3 doesn’t fall far behind with 353 miles of estimated range. As a result, Hyundai will have to catch up to these figures to dominate the space. This partnership with Apple may be just what the carmaker needs to excel truly.
Additionally, this new partnership could give Apple the added security that its first vehicle will be a quality product. For years we’ve been hearing of Apple poaching ex-Tesla employees to work on this new upcoming vehicle, says 9to5 Mac. This newest partnership will also aid in producing the EV at scale, given that the Korean carmaker is more than capable of meeting demand.
What else is Hyundai up to?
This newest partnership is just a drop in the bucket for Hyundai’s overall plans. In early December, we reported that the Korean carmaker had invested $1 Billion into Boston Dynamics, a robotics company. The purpose reportedly was to build a walking car, something the carmaker showed concepts of in the past. Regardless, it seems the Korean carmaker is looking to diversify and enter into some truly revolutionary ventures.