Apple reportedly close to signing deal with Hyundai for electric vehicle development

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Tech giant Apple is about to leap into the world of electric cars according to a new report.

The report came from Korea IT News on Sunday, cited then by Reuters.

Apple has long had the desire to build an autonomous electric auto, having launched its "Project Titan" initiative back in 2014.

Where a tie-up with Hyundai becomes interesting is that the company, under the proposed deal, would also assist Apple with the development of the so-called Apple Car, including the application of its existing technology and development facilities. Initially, 100,000 vehicles are to be produced from 2024.

The report comes on the heels of a comment from a spokesperson for Hyundai last week that seemed to confirm that the Korean automaker is in talks with Apple regarding a potential Apple Car production deal.

One more thing. The world's most valuable tech company is reportedly all set to release their very own vehicle.

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Both Hyundai and Apple declined to comment on the report.

Insiders of the automotive industry believe that Apple's proposal for collaboration was an inevitable choice.

"Apple Car" plan could involve the start of production as early as 2024, earlier than a previously-claimed 2027 schedule, as per the sources.

Collaboration with Apple is also expected to be a positive factor for Hyundai Motor.

The proposed production plant will reach a full annual capacity of 400,000 vehicles, the report said, adding that Hyundai and Apple planned to release a "beta" version of the auto next year.

Such expectations pushed up Hyundai Motor's stock price to 246,000 won, up 19.42 percent on January 9 from the previous trading day.

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