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Hyundai’s Stock Skyrockets On Reports It Is In Talks With Apple To Build A Car

News Link: Hyundai’s Stock Skyrockets On Reports It Is In Talks With Apple To Build A Car – By MK (Editor)

Hyundai’s stock recorded its best day in at least two decades. This is because the south Korean automaker was reported to be in early talks with Apple to develop self-driving electric cars.

While nothing has been finalized, several media outlets reported Friday that Hyundai has confirmed that it is talking to Apple. The news was initially reported by Korea Economic Daily TV, though Reuters, Bloomberg, and others. They have since reported that Hyundai says it is in some kind of discussion with Apple (AAPL) about a car tie-up.

Hyundai said in a statement only that “we are receiving proposals for cooperation from various companies. But no decision has been made yet.”

Shares surging as investors consider the possibility that Hyundai could be a partner on Apple’s long-rumored car project. The stock finished up more than 19% in Seoul, its best day in at least 20 years, according to data provider Refinitiv.

Both companies have reason to consider a partnership. Talk of Apple’s interest in electric, self-driving cars has existed for years though it has been heating up recently. A Reuters report last month, citing unnamed sources, said that Apple plans to produce a passenger vehicle by 2024. A Bloomberg report this week, also citing unnamed sources, said that Apple has begun early development work on an electric vehicle. But any resulting product would be at least five years away.

Hyundai, meanwhile, has pledged top dollar to join the race to build such vehicles. The company said last October that it plans to invest 41 trillion won ($37 billion) into “future mobility technology” by 2025. A commitment that puts it on par with major players like Volkswagen.

In December, Hyundai unveiled engineering for a series of new electric cars. Called E-GMP, this basic vehicle structure will provide for over 300 miles of driving range, according to Hyundai. It can be charged to 80% of its full power in 18 minutes. It can be used as the basis of sedans and SUVs, the company has said.

Read More News At Business Segment

News Link: Hyundai’s Stock Skyrockets On Reports It Is In Talks With Apple To Build A Car – By MK (Editor)

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