Apple Discussing Electric Cars With Hyundai, LG Expecting 6-Fold Operating Profits

In the future, Hyundai and Apple intend to sign a partnership pact to produce electric cars. It may even be completed in March, to start production of cars in the United States in 2024.

According to “Reuters”, citing the Korea IT News newspaper, this was made public today as a continuation of the imminent beginning of cooperation announced on Friday. Hyundai and Apple both did not comment on the newspaper report today.

We should not forget, however, that Apple’s previous heads said they were interested in automotive technology with the production of an electric passenger vehicle.

“Apple and Hyundai are in discussions, but these are early and nothing has been decided,” Hyundai said last Friday in a statement. However, an electric car with the Apple brand might be a big challenge for Tesla, the leader of electric cars.

Hyundai and Apple are already working together on CarPlay, the software developed by Apple to connect iPhones to smartphones. Several analysts, on the other hand, say that Apple may be interested in using the electric platform and facilities of Hyundai to reduce the cost of developing and producing vehicles.

In separate news, on the other hand, the Korean electronics giant LG Electronics expects a six-fold increase in operating profit in the fourth quarter against the previous year, suggesting solid demand for home appliances and TVs in the midst of the pandemic.

It expects an operating profit of 647 billion won ($591.2 million) for the last quarter of 2020, the South Korean consumer electronics company said. Operating profit stood at 101.80 billion won in the prior year.

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The company also forecasts revenue of 18,783 trillion won in the December quarter, up by 17 percent. Estimates of operating profit are below convergent estimates of 657.24 billion won, while revenue was higher than the 18,085 trillion won estimate.

In the midst of the pandemic, the extended period of stay, education, and work at home are driving demand for home appliances, computers, and other electronics, say, market analysts.

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