Hyundai and Apple to sign a car deal this year.

The tech giant is diversifying into the car industry.

Apple and Hyundai are allegedly signing a deal this year to produce self-driving cars by 2024 in the US. The plan was to begin manufacturing for this product in 2027; however, the firms are preponing this venture to 2024.

The venture will have a significant manufacturing plant in the United States and partner with Hyundai to pursue this project. The partners will start by producing 100,000 units in 2024 and move their factory's production capacity up to 400,000 units per year.

The firms are looking to launch the "Apple Car" Beta in 2022 to ensure that they are making the perfect car. The retail of the products is expected to hit the market by 2025.

These are anyhow speculations. The companies have not yet publicly announced or published any information on this venture.

Diversification comes with a large degree of risk in terms of finance and marketing. If a diversified product falls, then losses aside, the company also loses the brand image. However, a large company like Apple will not be subject to as large financial risks as other smaller firms.

The firm has the capital and should focus on R&D so that the product does not fail when it hits the market. This news will also speed up the competition, Google X and Tesla, who have been working on this technology for more than half a decade. It is plausible that when Apple and Hyundai launch their vehicles, they will be entering a highly competitive market.

However, this can be a large step to open the company up in the vehicle industry, or this can be the decision that will close the doors of automobile for Apple. Time will tell which side of the door the company lands... currently, the next step is to wait for Hyundai and Apple to sign this alleged deal this year.