Hyundai Confirms Talks With Apple, May Cooperate on Electric Cars and Batteries

Hyundai Motor 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 percent.

"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 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 iPhone models 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's factories in the United States.

Shares in Hyundai Motor jumped as much as 23.8 percent, hitting a more than seven-year high of KRW 2,55,000 (roughly Rs. 17,000), while auto parts maker Hyundai jumped nearly 30 percent.

The broader KOSPI market was up 1.9 percent as of 01:32 GMT (7:02am IST).

© Thomson Reuters 2020

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