Apple continues to mull over the prospect of entering the electric vehicle market, after allegedly having a series of talks with several Korean EV component manufacturers.
With the EV market heating up, Apple has been working on a strategy to develop its own EV business, in a move to diversify its technological offerings. According to The Korea Times, which cited an industry source, Apple has been in contact with several Korean battery and vehicle parts manufacturers, marking a further step towards its EV endeavours.
“Apple officials have been in Korea for business talks with its Korean partners in the semiconductor and display sectors. As seen in Apple’s smartphone business, the company is seeking business partners in Korea for its EV business,” explained a senior executive directly involved with the developments.
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According to the source, Apple has allegedly sent representatives to South Korea to discuss the early stages of a potential business relationship with a number of companies, including SK Innovation and LG Magna e-Powertrain, a joint venture between LG Electronics and Canadian-based Magna International. Previously, rumours surfaced alleging that Apple was considering a partnership with Hyundai and Kia, but the company ended up denying the reports.
Information for this briefing was found via The Korea Times. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
