Well-known TF Securities analyst Ming-Chi Kuo weighed “Apple Car” on Monday, saying that Apple will work closely with Hyundai on an initial model that could lead to new vehicles built in partnership with General Motors and European manufacturer PSA .
In a note to investors, Kuo confirmed recent reports of a potential partnership with Hyundai, saying the first “Apple car” would be built on the company’s E-GMP electric vehicle platform. Hyundai Mobis takes the lead in component design and production, while Hyundai’s subsidiary, Kia, will handle US production
Launched in December, the E-GMP is a dedicated battery-powered vehicle (BEV) platform that consists of up to two engines, five-link rear suspension, integrated drive axle, battery cells, charging system and other chassis components. rolling. According to the company, the system has a maximum range of about 310 miles on a full charge and can be charged up to 80% within 18 minutes. Acceleration for a “high performance” configuration is rated at 0-60 mph in less than 3.5 seconds, with a top speed of 160 mph.
Hyundai plans to use E-GMP as the basis for a variety of models that will debut under both its pilot brand and the Kia brand this year.
Like previous rumors, Kuo believes that Apple will deliver the production and assembly of parts to established car manufacturers. Electric vehicles contain about 40 to 50 times more parts than a smartphone, the analyst points out, suggesting that Apple will have to rely on the carmaker’s existing resources if it hopes to create a functional car in time. The tech giant will not be able to build its own car supply chain – as it did for devices like the iPhone, iPad and Apple Watch – without suffering significant delays.
“Apple’s deep collaboration with current automakers (Hyundai Group, GM and PSA) with extensive development, production and qualification experience will significantly shorten Apple Car’s development time and create a market advantage,” writes Kuo. “We believe Apple will leverage automakers’ current resources and focus on self-driving hardware and software, semiconductors, battery-related technologies, form factors and interior design, innovative user experience and integration with Apple’s existing ecosystem.” . ”
Given a longer development time, higher validation requirements, a more complex supply chain, and “very different” sales and after-sales services, Kuo does not anticipate a so-called “Apple machine” entering the market. roads until the earliest in 2025. This date is still considered aggressive for a technology company making its first foray into a new industry.
Apple is likely to market the vehicle as a “very high-end” or “significantly larger” model than a standard electric vehicle.
If the first “Apple Car” proves successful, Apple could court regional partners in GM and PSA, the latter producing cars under a variety of brands, including Peugeot, Citron and Opel.
Kuo throws cold water on the noises, according to which the long-standing production partner Hon Hai, which is entering the EV fight with its MIH platform, will ensure the assembly or collection orders of the “Apple Car”. Pan-International, Eson, Long Time Tech and G-Tech are also unlikely to enter the supply chain, says the analyst.
Kuo’s predictions end up in the middle of a flurry of “Apple Car” gossip. In early January, Hyundai confirmed – but later backtracked – reported that it was in talks to produce Apple’s long-rumored car project. Most recently, a report last week claimed that the directors of the South Korean car manufacturer are deliberating whether a collaboration with the largest technology company in the world would be good for business.
“It’s not like working with Apple always produces great results,” said an anonymous executive Reuters last week. “Apple is the boss. They’re marketing, they’re making their products, they’re making their brand. Hyundai is their boss, too. That doesn’t really work.”