SEOUL / SAN FRANCISCO (Reuters) – Hyundai Motor Co. said it was in early talks with Apple after Korea Economic Daily TV reported that the two were in talks about cooperating on electric cars and batteries, which boosted Hyundai’s shares by 24% let rise.
“Apple and Hyundai are in discussion, but they are at an early stage and nothing has been decided,” Hyundai Motor said in a statement. The company did not provide details about the nature of the talks with Apple and did not mention whether the collaboration involved electric vehicles.
Apple Inc. declined to comment.
In December, Reuters reported that Apple was moving forward with self-driving car technology and aimed to manufacture a passenger vehicle as early as 2024 that could include its own breakthrough battery technology.
The two companies are working together on CarPlay, Apple’s software to connect iPhones to vehicles from different car manufacturers.
The Korea Economic Daily TV said on Friday that Apple and Hyundai Motor Group are negotiating and that the companies are expected to develop batteries at Hyundai or its associated Kia Motors Corp.’s factories in the United States.
Shares in Hyundai Motor rose 23.8% to hit a 25-year high of 255,000 won ($ 232.56), while Hyundai Mobis Co Ltd, auto parts, jumped nearly 30%.
The broader KOSPI market rose by 1.9% from 0132 GMT.
($ 1 = 1,096,5100 won)
Reporting by Heekyong Yang and Stephen Nellis; Edited by Edwina Gibbs and Gerry Doyle