Apple’s Electric-Vehicle Talks With Hyundai Break Down

Apple Inc.’s talks with Hyundai Motor Group have broken down without an agreement for the South Korean auto giant to assemble vehicles for the iPhone company, Hyundai affiliates said Monday.

In regulatory filings, Hyundai Motor Co. and Kia Corp. said they are “not in talks with Apple over developing an autonomous vehicle.” The two auto makers have fielded multiple requests from other firms to jointly develop autonomous electric vehicles, though no initial steps have been determined, according to the regulatory filings.

The companies had held talks with the Cupertino, Calif. technology giant about a deal for Hyundai subsidiary Kia to build vehicles for Apple in Georgia, The Wall Street Journal reported last week. The prospect of an auto partnership had sent the Korean companies’ stocks soaring this year, igniting investor enthusiasm after both Kia and Hyundai had suffered years of slumping car sales.

Shares sank 6% for Hyundai Motor following Monday’s regulatory-filing disclosures, while Kia plunged by more than 13%.

Apple began seeking potential automotive partners late last year as it considers whether it can begin production of a vehicle as soon as 2024. In a rare move for a potential Apple partner, Hyundai in January said it was talking to Apple about a potential cooperation around electric, driverless vehicles. No sooner than it had said so, Seoul-based Hyundai tried to backtrack on the statement.

Kia had begun reaching out to potential partners in recent weeks about making an electric car for the iPhone maker, even without a deal having been locked down, the Journal previously reported.

Apple has flirted with other automotive companies over the years, but without reaching a partnership. Word of its secret car program broke in 2015, stoking excitement for the potential of what new possibilities Apple might bring to the auto market. The interest raised fears among traditional car makers that they’d soon be surpassed—like Nokia Corp. or BlackBerry Ltd. had been after the iPhone’s debut in 2007.

Instead, Apple’s auto effort has been largely unrealized as it has struggled to decide which path it will choose. It has gone through different leadership and approaches since beginning in 2014.

A new investment fund targeting celebrity-founded consumer brands has secured US$40 million in commitments and is rapidly approaching its US$50 million fundraising target, signalling growing investor appetite for alternative opportunities beyond traditional asset classes.

The Global Talent Fund, which has a maximum raise of US$100 million, focuses on building and investing in consumer businesses alongside celebrities, athletes, and influential personalities who play an active role as co-founders rather than simply endorsing products.

The strategy is based on the belief that changes in consumer behaviour, particularly the rise of social media and digital engagement, have fundamentally altered how brands are built and scaled.

GTF founding partner Jeremy Hunt, who is helping lead the fund’s strategy, said consumers increasingly feel connected to personalities they follow online and are more willing to support products developed by those individuals.

“Consumers are searching for content to engage with, and when a celebrity they like or follow takes them on the journey of creating a product or brand, they genuinely feel part of that process,” he said.

The fund is targeting high-growth consumer sectors including wellness, hydration, beauty and recovery, areas Hunt believes continue to benefit from strong global demand and ongoing innovation.

Rather than backing celebrity endorsement deals, the fund is seeking businesses where talent is deeply involved in product development, brand creation and long-term growth.

According to Hunt, authenticity remains one of the biggest differentiators between successful celebrity-backed brands and those that fail.

“The consumer can see clearly if someone is simply being paid to promote a product,” he said. “The winners are typically the brands where the celebrity has genuinely helped build the business from the ground up.”

The model has attracted support from several prominent Australian investors and business families, reflecting broader interest in alternative investments with global growth potential.

Hunt said consumer brands offered a level of tangibility that many investors found appealing.

“Consumer brands are what we touch, feel, smell and taste every day,” he said. “Our investors understand the growth potential in the model, but they also want to be part of the journey.”

The fund’s rapid progress towards its fundraising target comes amid growing recognition that celebrity influence, when combined with strong commercial execution and scalable business models, can create significant enterprise value.

With several high-profile celebrity-founded businesses generating billion-dollar exits in recent years, supporters of the strategy believe the opportunity remains in its early stages.

Apple’s Electric-Vehicle Talks With Hyundai Break Down

The tech giant began seeking potential automotive partners late last year.

With US$40 million already committed, the Global Talent Fund is attracting investor attention with a strategy focused on building globally scalable consumer brands alongside high-profile talent.