South Korea’s Hyundai Motor Co said on Friday it was in early talks with Apple after a domestic broadcaster said the firms were discussing an electric car and battery tie-up, sending Hyundai shares surging 25%.
The report comes weeks after Reuters reported that Apple was moving forward with self-driving car technology and was aiming to produce a passenger vehicle that could include its own breakthrough battery technology as early as 2024.
Earlier on Friday, Korea Economic Daily TV said the iPhone maker and Hyundai were in discussions to develop self-driving electric vehicles by 2027 and develop batteries at US factories operated by either Hyundai or its affiliate Kia Motors Corp. The broadcaster did not cite sources for its report.
“Apple and Hyundai are in discussions but they are at an early stage and nothing has been decided,” Hyundai said in a statement without saying what the talks were about.
In a regulatory filing issued later, the automaker said it was “getting requests for cooperation on joint development of autonomous electric vehicles from various companies,” without identifying any of them.