Hyundai Motor says it’s in early talks with Apple, shares surge 24%

Hyundai Motor Co mentioned it in was in early discussions with Apple after Korea Financial Every day TV reported that the 2 have been in talks to cooperate on electrical automobiles and batteries, sending Hyundai’s shares surging 24%.

“Apple and Hyundai are in discussions however they’re at an early stage and nothing has been determined,” Hyundai Motor mentioned in a press release. The corporate didn’t give particulars in regards to the nature of the talks with Apple and didn’t point out whether or not the cooperation concerned electrical automobiles.

Apple Inc declined to remark.

In December, Reuters reported that Apple is shifting ahead with self-driving automotive know-how and is aiming to as early as 2024 produce a passenger automobile that might embody its personal breakthrough battery know-how.

The 2 firms work collectively on CarPlay, Apple’s software program for connecting iPhones to automobiles from a wide range of automakers.

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The Korea Financial Every day TV mentioned on Friday that Apple and Hyundai Motor Group have been negotiating and that the businesses have been anticipated to develop batteries at both Hyundai’s or its affiliate Kia Motors Corp’s factories in the USA.

Shares in Hyundai Motor jumped as a lot as 23.8%, hitting a greater than seven-year excessive of 255,000 received ($232.56), whereas auto elements maker Hyundai Mobis Co Ltd jumped practically 30%.

The broader KOSPI market was up 1.9% as of 0132 GMT.

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