2 Electric Vehicle SPACs To Watch On Apple-Hyundai Rumors
Apple Inc. (NASDAQ: AAPL) and Hyundai Motor Company (Pink: HYMTF) are exploring partnering on self-driving electric vehicles, according to Bloomberg. Hyundai confirmed the talks and later backtracked saying it talked to numerous automakers.
The launch of the Apple Car is several years away, according to recent reports. Apple could follow the approach of Tesla Inc. (NASDAQ: TSLA) and bring everything in-house.
Click here to check out Benzinga’s EV Hub for the latest electric vehicles news.
2 SPACs To Watch: The news of Hyundai being a potential partner for Apple could put attention on two electric vehicle-related SPACs.
Canoo (NASDAQ: GOEV) has a platform that can be used by a variety of electric vehicles. The company has a partnership with Hyundai, an investor in the company.
Arrival, a U.K.-based EV company, is going public with SPAC CIIG Merger Corp. (NASDAQ: CIIC). The company is working on electric vans and other vehicles and also counts Hyundai as an investor.
The key here for Arrival and a possible relationship with Apple could be the company’s microfactories.
Arrival plans on building three or four microfactories for its own business. The microfactories are smaller auto production lines that can be packed into existing warehouse real estate. The 20,000 square feet factories cost $45 million to make and can produce around 10,000 electric vans a year.
With Apple’s existing locations around the world, microfactories could be a way for the company to quickly scale production of an electric vehicle.
Price Action: Hyundai rallied on the report with shares up 31% to $55.26, hitting new 52-week highs Friday.
Canoo and CIIG Merger shares are up 2% and 1%, respectively.
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