Hyundai may begin production of Apple's electric auto by 2024

Apple Inc recently revealed that they have plans of entering the automotive world with a fully-electric auto. "We will disclosure the matter on confirming or within one month from the confirmation". Previous reports have suggested that Apple is secretly developing a lithium iron phosphate battery, a new battery technology said to be cheaper and more efficient than traditional battery cells that use nickel manganese cobalt.

"As the discussion is at its early stage, nothing has been decided", the spokesperson was quoted as saying.

One more thing. The world's most valuable tech company is reportedly all set to release their very own vehicle. However, Apple and Hyundai will produce 100,000 vehicles in 2024, which at the end of the year will be 400,000.

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

The possible partnership also signals the continued shift towards electric vehicle technology is still growing, with automakers like Tesla already leading the way.

Industry insiders and securities companies analyze that there is a high possibility of collaboration between the two companies.

According to this, a deal being worked on that could allow the South Korean auto manufacturer to produce the so-called "Apple Car". However, Apple does not have the ability to produce cars. There is a report coming from the Korean media that once the deal between the companies is done, they will be building the cars at the Kia Motors factory in Georgia. It ranks fourth in the global electric vehicle market share standings. Hyundai beforehand verified that it was in talks with Apple, but added that it thought the iPhone maker was speaking to other automobile models at the identical time.

It is unclear if Apple itself prompted Hyundai to backtrack.

The news outlet also said that the beta version for the first Apple auto would be ready next year. "Hyundai Motor will have nothing to lose in collaboration with Apple".

"We have received requests of potential collaboration from a variety of companies about the development of self-driving electric cars", the company said in a regulatory filing.