Words about a tie-up between Apple and Hyundai circulate. Both firms will likely join forces to challenge the automotive industry. Following the news, Hyundai experienced a surge in its shares.
Apple and Hyundai stay hush
The talks circulated earlier on Friday through Korea Economic Daily TV’s report. An anonymous source told the media that Apple and Hyundai are under discussions for the development of self-driving vehicles and batteries. If the agreement follows through, either Hyundai’s U.S. factories or Kia Motors Corp will further conduct the development of Apple’s own breakthrough batteries.
Reuters reported that through a regulatory filing issued after, Hyundai simply stated that the company is, “getting requests for cooperation on joint development of autonomous electric vehicles from various companies”. Though prior to this, Hyundai had given a vague response to the public through a statement saying, “Apple and Hyundai are in discussion, but as it is early stage, nothing has been decided”. One certain thing to note is that no further mention of what both companies discussed was revealed. Apple, on the other hand, decided to remain shush about the matter.
Hyundai shares surged along with the news
Hyundai shares beat its more than seven-year high record after the news broke out. The automotive company closed with 19% increase after peaking with a 24.8% surge. Accordingly, Auto parts maker Hyundai Mobis Co also ended with an 18% jump. Meanwhile, Kia shares increased by 8.4%. Consequently, battery makers also gained its momentum. Reuters noted that SK innovation closed with a 7.6% increase. KOSPI market also closed 3.97% higher with 4.3% peak recorded during the session.
Read also: Hyundai Acquires General Motors Factory in Russia
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