It was expected to be one of the most important joint ventures, but alas! It looks like it ended even before it began. No, I’m not talking about marriage. I’m talking about Hyundai and Kia’s tie-up with Apple for driver-less cars.
In recent times, when electric cars are beaming into fashion trends amongst the automakers, every possible automobile company is trying their best to launch their own versions of electric vehicles.
How it started –
Recently, newsletters read about how Hyundai and Kia join into a treaty with Apple to develop electric vehicles and put in the iOS system in their cars. This information led the two south Korean automaker companies to taste the best of their fortunes in all these years. The news of the treaty spread like wildfire, and hence the rising stock Market for the companies was witnessed.
What happened next makes the story two folds. Upon asking, Hyundai denied getting into any such treaty or partnership with the world’s top electronic company. However, an added statement by the spokesperson from Hyundai stated that many other companies are instead approaching them to form a collaboration to launch electric vehicles.
How it’s going –
However, the company has not signed any partnership with any company. They 000has denied commenting any further as they said that they are in a very “beginning stage” to comment upon any such things. They also added that producing electric vehicles is a new venture that is trending, and hence the competition Among the automakers is set to rise again.
Hyped by Rumors?
On the other hand, Kia did not comment much and decided to stick to the statements of its parent company with CNN and said whatever the decision would be, they would share it on their social media handles.
When Apple was being asked about the same, the company decided not to put forward any comment. Hyundai declared that the news is being falsely spread about the company signing a partnership with Apple. This came as a blow to many investors who had bid their bets based on the news. As per reports, the Company saw a huge downfall in its stocks, costing them a loss of around $5.7 billion. Even the stocks of Kia fell remarkably. The stock market figures were clear evidence of how this stock fall was one of Kia’s worst losses since 2001.
Moving towards Sustainability –
One thing’s for sure, automobile companies are definitely going to launch an electric vehicle purely of their own versions. It to test very soon. The reason is that the trend of sustainability in products is made to be compulsory in many countries by the government which States the use of minimum to no Fossil fuel-burning equipment. Hence electric cars are the first product to be on-trend.
With the planet moving towards Electric vehicles and a sustainable approach, it’ll be interesting to ascertain how Apple and Hyundai overcome their personal hurdles. Read how Ford has more than doubled its investment in EV cars. Stay tuned for further updates on the story! Happy reading!