In his bid to manufacture high-tech cars, chairman of Hyundai, Chung Eui-sun is exploring the possibilities of a deal with Apple Inc. to build driverless cars.
According to the Wall Street Journal, “When Hyundai Motor Group’s new chairman Chung Eui-sun took over last fall, he outlined a bold road map for a future where flying vehicles and robots make up as much business as typical gas-guzzling cars.
A few months later, he would get a big opportunity to reshape the company along his stated design: a potential deal with Apple Inc. to build driverless cars.
Investors cheered a promising union between Apple, the world’s most valuable company, and a new Hyundai with Mr. Chung at the helm.
Unfortunately however, negotiations between the iPhone maker and Hyundai and its subsidiary Kia Corp. has broken down, according to South Korean regulatory filings last week.
The failure to seal a deal shows how challenging the terrain is for Mr. Chung and Hyundai but Chung remains undeterred as he is said to be continuing discussions with other potential partners to actualise his vision to build self-driving cars.
It is gathered that in spite of the failed deal with Apple Inc., “the discussions planted the flag for Mr. Chung’s future ambitions”.
Mr. Chung’s quest to transform Hyundai, the world’s fourth-largest auto maker by sales, is both professional and personal. His father, who led Hyundai for two decades, became the first South Korean named to the Automotive *” Hall of Fame in Michigan. But to carve out his own legacy, the younger Mr. Chung aims to turn Hyundai into more than just a car maker—a challenge the whole auto industry faces, reports the Wall Street Journal