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HYUNDAI MOTOR SHARES SOAR HIGH OVER POTENTIAL PARTNERSHIP WITH APPLE INC.

Summary

Highlights – Hyundai Motor shares soar high over a potential partnership with Apple Inc. Hyundai Motor shares jumped by 14 percent to 235,000 won. Kia Motor Corp.’s shares traded higher at 66,600 won. Apple is said to be in talks […]

Highlights –

  • Hyundai Motor shares soar high over a potential partnership with Apple Inc.
  • Hyundai Motor shares jumped by 14 percent to 235,000 won.
  • Kia Motor Corp.’s shares traded higher at 66,600 won.
  • Apple is said to be in talks with several global carmakers for EV project.

Hyundai Motor Co. shares reportedly soared on Friday as the South Korean carmaker is in talks with Apple Inc. for potential partnership in developing electric cars and batteries.

Reports suggest that Apple is known to be in talks with several global carmakers for the EV project.

According to a Hyundai official, the car company is said to be at an initial stage of talks with Apple for cooperation in developing an electric car but no decision has been made yet.

According to stock market report, as of 10:05 a.m., Hyundai Motor shares jumped 14 percent to 235,000 won, far outperforming the broader KOSPI’s 1.7 percent advance.

Hyundai’s affiliate car company Kia Motors Corp. shares also jumped on the news and its shares traded 5.7 percent higher at 66,600 won. Auto parts maker Hyundai Mobis Co. shares were up at 18 percent at 360,500 won.

In recent years, the Cupertino, California-based technology giant reportedly has hired engineers with an expertise in electric vehicles to develop a self-driving car system.

According to industry people, they say it will take at least five to seven years for Apple to launch a self-driving electric car as its development work is at an early stage.

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