Hyundai Motor Group confirmed on Friday that it was in talks with Apple for a potential collaboration to develop the so-called Apple Car.
A Hyundai spokesperson said Cupertino has proposed collaborations with a number of global automobile makers for the launch of an electric car, and Hyundai Motors was also in discussions.
They stressed, however, that nothing was finalized and the pair was in early stages of talks.
South Korean news media Hankyung said in a report that Hyundai has already finished reviewing Apple's proposal. All that was needed for the collaboration to start was for Hyundai chairman Chung Eui-sun to sign off on the deal, the report said.
Apple and Hyundai's collaboration will include the manufacturing of the electric cars and the development of the battery that will be used, Hankyung said. The goal will be to launch the car in 2027, the report said.
Last month, a report by Reuters said Apple was planning to start producing its own electric vehicle in 2024. The company's on-again, off-again Project Titan has renewed momentum since Cupertino brought in a veteran of both Tesla and Apple, Doug Field, to take over operations in 2018, the report claimed.
Sources told Reuters the key element was a new battery design that could radically reduce the cost of batteries and increase the vehicle's range.
Hyundai currently procures the batteries it uses for its electric cars from local suppliers LG Energy Solution and SK Innovation. But the automobile maker previously confirmed that it was developing next-generation batteries of its own.
Hyundai chairman Chung, who was named to the post in October last year, said in his inauguration address that the conglomerate is planning to develop "the world's most innovative autonomous driving technology in the world".