Apple in talks with Hyundai to collaborate on electric vehicle project: Report

South Korean automobile giant Hyundai Motor Co. has said that y are in initial phase of talks with Apple Inc. to jointly develop an electric vehicle. Reports that Cuperti-based tech giant is secretly developing a battery-operated car codenamed 'Project Titan'. According to Korean Ecomic Daily, an official from Hyundai Motor on January 8 confirmed that Apple is in discussions with various automobile companies, including Hyundai, to collaborate on its electric vehicle project.  

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Hyundai stock prices up

Following Hyundai official's remark, company released a statement through a regulatory filing, saying it has been receiving requests from various companies to jointly develop self-driving electric vehicles, ding talks are still in initial phase. After statement, stocks of Hyundai and its sister companies surged on Korean big board. It recorded an eight-year high with a jump of 25% to 2,57,000 won on Friday. Stock prices of Kia Motors Corp. and Hyundai Mobis Co. also rose on Friday. 

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Earlier, it was reported that Apple is working on an electric vehicle project and is targetting production for 2024. However, it has been rumoured that Apple might only develop highly-efficient rechargeable batteries and a self-driving system, lending m to a more experienced player in field of carmaking. According to reports, Apple is reportedly working on a game-changing battery techlogy that will potentially bring down cost of batteries while increasing range of vehicle.

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If reports are true, Apple's Project Titan could challenge electric carmaker Tesla in market. Tesla is currently leing race in manufacturing high-end electric vehicles. After reports of Apple's electric vehicle ambition surfaced, Tesla CEO Elon Musk revealed that he h once approached tech giant with a deal of selling his electric car company, but Tim Cook refused to meet.  

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