Hyundai Motor Co stated it was in preliminary talks with Apple after Korea Financial Day by day TV reported that the 2 have been in talks to cooperate on electrical automobiles and batteries, sending Hyundai’s shares up 24%.
“Apple and Hyundai are in talks, however they’re at an early stage and nothing has been determined,” Hyundai Motor stated in an announcement. The corporate didn’t elaborate on the character of the talks with Apple and didn’t point out whether or not the cooperation concerned electrical autos.
Apple Inc declined to remark.
In December, Reuters reported that Apple is advancing autonomous automotive know-how and goals to provide as early as 2024 a passenger automotive that might embody its personal modern battery know-how.
The 2 firms work collectively on CarPlay, Apple’s software program for connecting iPhones to autos from quite a lot of automakers.
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The Korea Financial Day by day TV stated on Friday that Apple and Hyundai Motor Group have been in negotiations and that the businesses have been anticipated to develop batteries on the factories of Hyundai or its subsidiary Kia Motors Corp in the USA.
Shares of Hyundai Motor rose as a lot as 23.eight%, hitting a greater than seven-year excessive of 255,000 received ($ 232.56), whereas auto elements maker Hyundai Mobis Co Ltd rose nearly 30%.
The broader KOSPI market was up 1.9% at 0132 GMT.