In an official statement by Hyundai Motor Co, it was in early discussions with Apple. Before this, Korean Economic Daily TV had reported that Apple and Hyundai Motor Co were in talks to cooperate on electric cars and batteries. This led to a surge of 24% in the shares of Hyundai. Talking about the nature of the talks, Hyundai refrained from revealing any details pertaining to the business talks with Apple. It also did not reveal if the discussions involved electric vehicles. According to an official statement, both the companies were in discussion but they were at an initial stage and nothing was decided.
According to a Reuters report in December, Apple is moving forward with self-driving car technology. The report further says that Apple is aiming to make a passenger vehicle by as early as 2024. The vehicle could consist of its own breakthrough battery technology. On CarPlay, the two companies work together. CarPlay is Apple’s software for linking iPhones to vehicles from an assortment of automakers.
On Friday, the Korea Economic Daily TV said that Hyundai Motor Group and Apple were negotiating. The companies were likely to design batteries at either Hyundai’s or its partner Kia Motors Corp’s plants in the United States. Due to this news, shares in Hyundai Motor rose as much as 23.8%. It hit an over seven-year high of 255,000 won ($232.56). On the other hand, auto parts maker Hyundai Mobis Co Ltd rose nearly 30%. As of 0132 GMT, the broader KOSPI market was up 1.9%.