Hyundai and Apple pause negotiations to create electric car

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South Korean automaker Hyundai and subsidiary Kia Motors have yet to confirm the companies chosen to plan and manufacture Apple’s electric and possibly autonomous car. Conversely, conversations now may not even bring a concrete result. The information was confirmed by the Reuters news agency and sources linked to Bloomberg.

Reports from the past few weeks said Hyundai was the favorite to close the deal. The brand’s modular platform, the E-GMP, would be the basis used for the design, with Kia being responsible for the assembly line.

However, the talks were paused between the parties “a few weeks ago”, without further details on the obstacles in the negotiation. This does not mean that Hyundai is totally ruled out, but that the agreement is not as advanced as imagined.

And now?

Apple has consulted with other companies in the industry, such as Mercedes-Benz, and may turn to one of those competitors. According to Reuters, Hyundai and Kia’s shares fell 8.4% and 13.3% after news that they are no longer involved in the project.

Apple’s electric car does not have any prediction for launch.

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