Yahoo Finance’s Pras Subramanian reports on the binding of a Hyundai-Apple car, and Elon Musk tops the list of the world’s richest.
ADAM SHAPIRO: Now we get news that Apple and Hyundai may start something new with electric cars. But then Hyundai says not so fast. Preas Subramanian, save me here. And I hope I never have to drive that 1987 Hyundai again.
PRAS SUBRAMANIAN: [LAUGHS] Well, I want to see pictures of this car, Adam. Whatever–
ADAM SHAPIRO: I have pictures.
PRAS SUBRAMANIAN: You know, interesting bedrooms here, right, Adam? Earlier today, a Korean news network reported that Apple had discussions with Hyundai about a partnership in the production of an electric autonomous car. Hyundai actually confirmed these conversations, but then turned around, saying, you know what? We are constantly talking to all kinds of people about potential cooperation and similar things about electric cars. No decisions have been made yet.
Interestingly, this follows this report a few weeks ago from Bloomberg, Mark Gurman there, telling how Apple is actually quite advanced in its efforts for the car. We have heard for many years that they are moving away from this. Gourmet says he has a small team of engineers designing propulsion systems and body parts, as well as the exterior, the interior, stuff like that.
So, you know, we have these conflicting reports, but it seems that Apple is really moving forward. But in fact we will not see anything potential for at least half a decade.
JEN ROGERS: Pig, I have to be honest. When I saw that they could merge with Hyundai, I was a little surprised because you don̵
PRAS SUBRAMANIAN: You know, I think there is. People may ask, do you know what you say about GM? Or what about Volkswagen, for example? But you know, Hyundai actually – we don’t know that much about them here, but they’re actually a huge company in Korea. They are one of the most vertically integrated car manufacturers in the world. They are the largest steel producer in Korea.
So they do everything from transmissions to brakes, so they have some huge economies of scale that Apple can actually take advantage of because it’s cheaper to produce. They could control the entire production cycle of this car, so it will be a convincing partner for them.
ADAM SHAPIRO: I just have to plug in a Hyundai here because that 87th Hyundai Excel I had was a great car. And they rebranded some of the cars they made. It was also a Mitsubishi – I forget his name and Dodge Colt. Thus, they exceeded import quotas a million years ago. I want to ask you very quickly, Elon Musk, now the richest man in the world. It does not appear to be under threat, whether it is an Apple-Hyundai partnership or an electric VW-Ford partnership. He seems to be in the lead.
PRAS SUBRAMANIAN: Yes, sticking to electric cars here, right? I mean, if your shares rise 20% in the last five days, by 700% in 2020. At the height of the 11-day winning streak, it shows that someone who owns 20% of the company will make a lot of money. Now the figures show that Musk has about $ 195 billion net worth, which is insane.
Tesla is worth nearly $ 800 billion, more than the nine carmakers combined. So I’m not surprised that Musk is where he is right now. But you think Tesla had a great year last year, don’t you? Almost produced 500,000 cars. Profit for the last four quarters. So my question is, has Elon converted any of this into bitcoin? Has this already happened? Would that increase its net worth here?