Hyundai Motor and Apple Advance Electric Vehicle Collaboration

Electric Vehicle Share Expected to Grow to 30% by 2025

[Asia Economy Reporter Kim Ji-hee] Hyundai Motor Group is pursuing cooperation for the mass production of Apple’s autonomous electric vehicle, the ‘Apple Car.’

On the 8th, Hyundai Motor stated, "We are in discussions with various companies including Apple," adding, "It is still in the early stages, and nothing has been concretely decided yet." It is known that Apple has proposed multifaceted cooperation for the launch of the Apple Car to several global automobile manufacturers, including Hyundai Motor.

The Apple Car attracted attention last December when major foreign media reported that full-scale production would begin in 2024. With the electric vehicle market expected to grow rapidly, Apple, which has been pushing an electric vehicle project named ‘Titan’ since 2014, appears to be accelerating its development. According to McKinsey, electric vehicles accounted for 2.5% of the total automobile market in 2019, but this is expected to soar to 30% by 2025. Sales are also projected to grow at an average annual rate of about 22%. As a result, competition is intensifying with IT companies like Apple entering the market alongside existing automakers. ▶Related article on page 14

In vehicle manufacturing, the parts supply chain is complex, so Apple needs to find automakers to cooperate with. An industry insider explained, "Since Apple does not have a production base for the Apple Car, it has no choice but to seek cooperation from global automakers and parts suppliers," adding, "It is uncertain what will happen in the future, but for now, Apple is in a more urgent situation."

This content was produced with the assistance of AI translation services.