Apple Inc (NASDAQ:AAPL) and Hyundai Motor Co. are in talks over a venture to build self-driving electric vehicles, according to media reports in South Korea.
Together the car group and the iPhone maker aim to have vehicles to market by 2027 and operate American factories either under the Hyundai or Kia Motors brand, the report said.
A statement from Hyundai subsequently confirmed aspects of the media story.
“Apple and Hyundai are in discussion, but as it is early stage, nothing has been decided,” the Korean car manufacturer said.
It comes as Elon Musk’s Tesla Inc (NASDAQ:TSLA) stock continues to soar as the leading player in the electric vehicle market.
On Thursday, Tesla stock rose by US$60 or 7.94% to close at US$816.04 – and was rising again in pre-market dealing Friday.
The latest stock price surge has driven Musk to become ‘the world’s richest man’.
Musk’s wealth, which is largely defined by his equity in Tesla, is now pitched at US$195bn and surpasses that of Amazon founder Jeff Bezos, who is worth US$185bn.