Pras Subramanian of Yahoo Finance reported on the relationship between Hyundai Motors and Apple Cars, and Elon Musk was named the richest man in the world.
ADAM SHAPIRO: Now we have news that Apple and Hyundai may start new attempts in electric vehicles. But Hyundai said, not so fast. Preas Subramanian, save me here. And I hope I never have to drive a 1987 Hyundai again.
Sokraman: [LAUGHS] Okay, I want to see a picture of that car, Adam. but no matter –
ADAM SHAPIRO: I have a photo.
Sokraman: Did you know, funny bedmate, right, Adam? Earlier today, Korea News reported that Apple and Hyundai Motor Company had discussions on co-production of electric self-driving cars. Hyundai actually confirmed these negotiations, but then turned to, do you know? We have been talking with various people about potential cooperation and things like electric cars. So far, no decision has been made.
Interestingly, this is the topic after this report by Bloomberg Mark Gurman a few weeks ago, talking about how Apple actually performs in the car. For years, we have been hearing that they have been shrinking. Gullman said that there is a small group of engineers designing the drive system, body parts and exterior and interior.
As we all know, we have these conflicting reports, but it seems to indicate that Apple is indeed moving forward. However, for at least five years, we will not actually see any potential.
Jan Rogers: Plath, I must tell the truth. When I saw that they might work with Hyundai, I was a little surprised, because when you think of new and interesting things, you don̵
Sokraman: You know, I think so. People may ask, what about General Motors? Or for example the public? But, you know, Hyundai-we don’t know much about them, but they are actually a large company in Korea. They are one of the most vertically integrated automakers in the world. They are the largest steel producer in Korea.
Therefore, they produce everything from gearboxes to brakes, so they have a certain scale of economic scale that Apple can actually use because of lower production costs. They can control the entire production cycle of the car, so it will be a compelling partner for them.
ADAM SHAPIRO: I just need to plug in a modern plug here, because the ’87 Hyundai Excel I was using was a great car. They once rebranded some of their cars. It is also Mitsubishi-I forgot its name, and Dodge Colt. This is how they exceeded the import quota a million years ago. I want to ask you soon, Elon Musk is now the richest man in the world. Whether it is the partnership between Apple and Hyundai, or Volkswagen and Ford’s electric partnership, he does not seem to be threatened. It seems that he is leading.
Sokraman: Yes, stick to electric cars, right? I mean, if your stock has risen by 20% in the past 5 days, it will rise by 700% by 2020. During the 11 consecutive days of winning, this shows that someone who owns 20% of the company will make a lot of money. Current data shows that Musk’s net worth is about $195 billion, which is crazy.
Tesla’s market value is close to 800 billion US dollars, more than the top nine automakers combined. Therefore, Musk is his current position, which I am not surprised. But think about it, Tesla did a great job last year, right? Almost 500,000 cars were produced. Profit for the last four quarters. So my question is, has Elon converted any of these to Bitcoin? Did it even happen? Will that increase his net worth?