Hyundai Motor says it is in talks with Apple



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The Hyundai logo is presented at the #WeAreMobility show during the 97th edition of the Brussels Motor Show on January 18, 2019, in Brussels.

Dirk Waem | AFP via Getty Images

SINGAPORE – Hyundai Motor shares jumped 20% after saying the South Korean automaker said it was at the start of talks with Apple about the possibility of working together to develop an autonomous car.

“We understand that Apple is in discussions with various global automakers, including Hyundai Motor. As the discussion is in its early stages, nothing has been decided,” a Hyundai Motor representative told Chery Kang of CNBC.

The statement followed a local report from the Korea Economic Daily that said Apple had suggested the merger and Hyundai Motor was reviewing the terms. The report states that the production of electric vehicles as well as the development of batteries have been included in the proposal and that the car could potentially go to market in 2027.

Apple declined to comment on the report.

Shares of Hyundai Motor and its subsidiaries appeared in South Korea.

Hyundai Motor increased by 20.87%, Hyundai Wia by 21.47%, Hyundai Mobis by 23.15% and Hyundai Glovis by 3.51%. Shares of Kia Motors, a subsidiary of Hyundai, which is South Korea’s second-largest automaker, jumped 9.84%.

Speculation about an Apple car has been rife for several years, but nothing concrete has materialized.

Citing sources familiar with the matter, Reuters reported last month that Apple was moving forward with its self-driving car technology. The report says the iPhone maker aimed to produce a passenger vehicle by 2024 that could include its own breakthrough battery technology.

As the report skyrocketed the shares of companies that make parts for self-driving cars, prominent Apple analyst Ming-Chi Kuo said the hype was based solely on speculation that some of these companies might be supplying parts. for the Apple car.

Kuo warned the market was “too bullish” on the Apple car and said he wouldn’t be surprised if the vehicle didn’t start until 2028 or later.

– CNBC’s Chery Kang contributed to this report

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