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Shares of Hyundai Motor Co. climbed more than 20% in Seoul on Friday after the South Korean automaker confirmed it was in talks with Apple Inc. to develop a self-driving electric car.
“Apple and Hyundai are in discussion, but as it is at an early stage nothing has been decided,” Hyundai said in a statement.
It was enough to trigger Hyundai’s 005380,
strongest intraday trading gain since at least 1988.
Korean news website Hankyung first reported the news from Apple, claiming that Hyundai would manufacture the Apple-designed car and develop batteries for it.
Separately, Bloomberg News reported on Thursday that it would take Apple AAPL,
at least five years to develop an autonomous car. Bloomberg also reported that a number of former TSLAs from Tesla Inc.,
frames were added to the project.
For years, it was rumored that Apple was working on a self-driving car and went back and forth between developing its own car and developing technology for one. Last month, Reuters reported that Apple was looking to develop a passenger car again, with a target date of 2024.
Apple shares jumped more than 3% on Thursday and are up 69% from a year ago, compared to a 7% gain by the Dow Jones Industrial Average DJIA,
of which it is part, during the last 12 months.
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