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| Logos of Apple and Hyundai Motor Company © AFP=News1 © News1 Reporter Park Hyung-ki |
The controversy over Apple’s I-Car, which has been infested with stock prices for more than a month, has been settled when Hyundai Motor Company announced through a public announcement that it will not proceed with discussions on the development of self-driving cars.
Experts are convinced that Hyundai-Kia Motors was eventually struck by Apple. It means he has fallen victim to Apple’s unusual secrecy.
In particular, the concern that Hyundai Motor will become a subcontractor of Apple if it produces Apple’s i-Car seems to have served as a background for the suspension of negotiations.
Apple is famous for forcing publicly traded companies and major customers as well as partners to comply with strict confidentiality agreements.
Such cases are also revealed in the process of bankruptcy of’GT Advanced Technologies’, a display partner in the past. Apple wrote a clause in the contract with the company that it would require 50 million dollars (about 55.9 billion won) for each breach of a confidentiality contract.
US economic media CNBC also recently pinched Apple’s secrecy, saying, “Doing business with Apple as Hyundai Motor has learned this time probably means you shouldn’t tell anyone.”
However, it is a general view that it remains to be seen whether Apple has completely stopped cooperation with the Hyundai Motor Group. CNBC reported that “it has been temporarily suspended, but the negotiations are not yet completely over.”
Japan Daiwa Securities analyst Jeong Seong-yeop appeared on CNBC’s’Street Sign Asia’, saying, “It is still possible for both sides to review the transaction later, as Hyundai Motor said in the disclosure that it is in discussions with several companies.” “Nobody said this was the end,” he added, adding that he sees it as a “temporary break.”