A partnership between Apple and Hyundai over the production of the rumored "Apple Car" could produce its first self-driving vehicle in the US by 2024, a new report on Sunday claims.
On Friday, reports claimed that Apple was in talks with Hyundai about its automotive efforts, with a deal being worked on that could allow the South Korean car manufacturer to produce the so-called "Apple Car." In a second report with new details on Sunday, more details of what could be agreed between the two companies have come to light.
According to industry sources of Korea IT News, in a report spotted by Reuters, the "Apple Car" plan could involve the start of production as early as 2024, earlier than a previously-claimed 2027 schedule. Furthermore, the factory itself would most likely be based in the United States.
The proposals would involve either the assembly of cars at a factory in Georgia owned by Hyundai affiliate Kia Motors, or the construction of a new factory in the country. It is believed that plans will involve the production of around 100,000 vehicles in 2024, with an annual capacity of the plant being higher at 400,000 vehicles.
In a bid to perfect the vehicle, it is claimed Hyundai and Apple are planning to release a "beta version" of the car in 2022.
Friday's report followed after Hyundai issued a statement confirming it was in early-stage talks with Apple, but that "nothing has been decided" at that stage. The confirmation led Hyundai's shares to shoot up almost 20%.
A 2024 release for the "Apple Car" is slightly earlier than predictions and forecasts by analysts, with TF Securities' Ming-Chi Kuo proposing it wouldn't arrive until 2025 at the earliest in a report from late December. On January 7, another report put the rumored vehicle at between five and seven years away from arriving on the market.
Analysts have also been generally positive on the "Apple Car's" chances, saying the rumored product has the potential to significantly disrupt the automotive industry, partly due to its potential to integrate hardware, software, and services. It has even been suggested Apple has the potential to pose a threat to Tesla.