Nissan Motor (TYO: 7201) confirmed on Monday that it was not holding discussions with Apple Inc. (NASDAQ: AAPL) over a possible collaboration on the latter’s autonomous car project. The announcement shunned an earlier report that suggested the two companies were in talks about a tie-up.
Nissan Motor closed the regular session about 3% down on Monday. The stock is currently trading at £4.17 per share after recovering from a low of £2.16 per share in the first week of April 2020 when the ongoing COVID-19 crisis pushed the global automakers into temporarily halting production.
Nissan’s spokeswoman’s comments on Monday
A spokeswoman for Nissan said on Monday:
“We are not in talks with Apple. However, Nissan is always open to exploring collaborations and partnerships to accelerate industry transformation.”
The spokeswoman refrained from commenting any further on Monday. Apple representatives are yet to comment on the news. Earlier this month, South Korean car manufacturers, Hyundai and Kia Motors also withdrew from talks to partner with Apple Inc. for its autonomous car project.
Reuters said in December that the iPhone maker was all set to launch a passenger vehicle and penetrate the U.S. auto industry. The autonomous car, it said, was to use Apple’s breakthrough battery technology and was expected to hit the roads by 2024.
Apple shares remained almost flat in premarket trading on Monday. The stock is currently 4% up year to date.
Jaguar Land Rover commits to zero-emission line-up by 2030
In separate news from the auto industry, Jaguar Land Rover said that it intends to shift its entire car range to fully electric vehicles by 2030 in a bid to combat the looming bans on gas-powered vehicles.
The subsidiary of Tata Motors is the latest to commit to the global movement to manufacture zero-emission vehicles. In previous months, several of its peers, including General Motors and Bentley Motors, also set similar targets to focus more on zero-emission line-ups.
Analyst Colin McKerracher of BloombergNEF commented on the news on Monday and said:
“Automakers are getting more aggressive with their EV timelines, but some will be harder to meet than others. Battery prices still need to fall further for mass-market brands to make the jump, but premium brands can get there sooner due to higher average purchase prices.”
JLR’s parent company, Tata Motors, closed under 1% up in the stock market on Monday. At the time of writing, it is valued at £12 billion.
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