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Hyundai Motor Co. said it was in initial discussions with Apple Inc. on the development of autonomous electric vehicles, sending its shares up to 24% to Seoul.
“Apple and Hyundai are in talks, but as it is at an early stage nothing has been decided,” the South Korean manufacturer said in a statement on Friday.
With development work still at an early stage, Apple will take at least half a decade to launch an autonomous electric vehicle, people know about the efforts told Bloomberg News. Hyundai accelerates push for new technologies like electric, driverless and flying cars, including rollout of $ 4 billion autonomous driving joint venture.
Hyundai’s intraday inventory surge in Seoul was the largest since 1988. A Korea Economic Daily cable TV unit earlier reported the talks with Apple. Hyundai has completed internal discussions on the project and is awaiting approval from
the president, according to the report.
Apple declined to comment.
– With the help of Mark Gurman
(Updates with Hyundai’s response from the first paragraph.)
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