Apple

The Apple Car is exposing the EV industry’s biggest strategy rifts

Apple’s talks with Hyundai and Kia which could have seen the South Korean automakers build the much-rumored Apple Car have ended, highlighting stark differences in how automakers aim to capitalize on significant investments into electric vehicle platforms. Earlier in the year, Hyundai appeared to signpost that Apple’s longstanding Project Titan car project had found its manufacturing partner, announcing that the two companies were in talks.

It was enough to send Hyundai and Kia’s stock price shooting up, and prompt some confusion among long-time Apple watchers. The Cupertino company has never publicly discussed its long-term plans for Project Titan, nor committed to making a vehicle. Indeed, its collaborations with third-parties are usually wrapped tightly in a level of secrecy from non-disclosure agreements.

Hyundai’s announcement, and the media furore that followed it, was believed to have caused some waves, then. The automaker released subsequent statements that backtracked from its initial confirmation, but

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Hyundai and Kia Are No Longer Building the Apple Car

Welcome to The Grid, R&T’s quick roundup of the auto industry and motorsports news you should know this morning.


Hyundai and Kia Won’t Build the Apple Car

Last month, Hyundai confirmed it was in talks with Apple to build a car for the tech giant before quickly walking that confirmation back. Talks between the two companies continued, however, and it looked like Hyundai was set to build the Apple Car at a Kia factory in the U.S. But now, the deal is off. Reuters reports that following much debate within Hyundai, the company announced today that it’s “not having talks with Apple on developing autonomous vehicles.”

Hyundai is reluctant to work with outsiders, and some executives were worried about the negative effects of becoming simply a contract manufacturer for Apple. “We are not a company which manufactures cars for others,” an anonymous Hyundai executive told Reuters last month. Since making

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Apple Talks With Hyundai, Kia on Electric Car Paused Recently

TipRanks

Wells Fargo: These 2 Stocks Could Climb at Least 30%

After January’s sell-off, February’s first week of trading saw the stock market firmly back in bull mode. All 3 major indexes closed off the week at or at touching distance from all-time highs, as the market reacted favorably to the latest job data and the Democrats’ decision to move forward with a $1.9 trillion stimulus package. So, where is the market heading next? Investment firm Wells Fargo sees long-term appreciation ahead for the stock markets. Attempting to peer into the future, Wells Fargo’s senior global equity strategist Scott Wren says, “Playing into our expectation for a meaningful bounce back from the pandemic-induced contraction of last year are factors we have discussed in the past and we believe will continue to be the drivers this year. Positive vaccine news, easy money policies being pursued by the Federal Reserve, and additional

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