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Shares of Hyundai Motors Co. climb more than 20% on potential EV deal with Apple

Hyundai Motor Company is downplaying reports that it is in talks with Apple to produce an autonomous electric vehicle, stating that discussions is in the “early stage” and still undecided. But the story of a possible tie-up( however tentative) with Apple, which is known for keeping a tight lid on distributes before they are announced, was enough to send shares of Hyundai Motor Company up more than 20%on the Korea Exchange during trading on Friday.

The talks were first reported by the Korea Economic Daily and confirmed by Hyundai to Bloomberg in a declaration stating that said ” Apple and Hyundai are in discussion, but as it is at early stage , nothing has been decided .” The Korean auto giant also told CNBC that” we understand Apple is in discussion with a variety of world-wide automakers, including Hyundai Motor. As the discussion is at its early stage , good-for-nothing has been decided .”

A Hyundai spokesperson declined to comment to TechCrunch. Apple has also been contacted for comment.

Last month, Reuters reported that Apple’s car initiative, called Project Titan, are still in progress, with plans to develop an autonomous electric passenger vehicle. But the car is not expected to launch until 2024.

The’ Apple car’ chattering is back with brand-new reports pointing to a 2024 open date

Hyundai launched its own electric vehicle symbol, Ioniq, in August 2020, with an intention to bring three all-electric vehicles to market over the next four years, as part of its strategy to sell one million artillery electrical vehicles and take a 10% share of the EV market by 2025. Hyundai also has a joint venture with autonomous driving technology company Aptiv to fix Level 4 and Level 5 production-ready self-driving organisations available to robotaxi, sail adventurers and automakers by 2022. The Aptiv partnership was announced in 2019.

Hyundai to generate three brand-new EVs to busines under spin-off brand Ioniq

Aptiv and Hyundai form brand-new brace project be concentrated on autonomous driving

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