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

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SEOUL/SAN FRANCISCO (Reuters) – Hyundai Motor Co said it in was in early discussions with Apple after Korea Economic Daily TV reported that the two were in talks to cooperate on electric cars and batteries, sending Hyundai’s shares surging 24%.

“Apple and Hyundai are in discussions but they are at an early stage and nothing has been decided,” Hyundai Motor said in a statement. The company did not give details about the nature of the talks with Apple and did not mention whether the cooperation involved electric vehicles.

Apple Inc declined to comment.

In December, Reuters reported that the Apple is moving forward with self-driving car technology and is aiming to as early as 2024 produce a passenger vehicle that could include its own breakthrough battery technology.

The two companies work together on CarPlay, Apple’s software for connecting iPhones to vehicles from a variety of automakers.

The Korea Economic Daily TV said on Friday that Apple and Hyundai Motor Group were negotiating and that the companies were expected to develop batteries at either Hyundai’s or its affiliate Kia Motors Corp’s factories in the United States.

Shares in Hyundai Motor jumped as much as 23.8%, hitting a more than seven-year high of 255,000 won ($232.56), while auto parts maker Hyundai Mobis Co Ltd jumped nearly 30%.

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

($1 = 1,096.5100 won)

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