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Hyundai Motor jumps on possible EV tie-up with Apple

Industry 10:15 January 08, 2021

SEOUL, Jan. 8 (Yonhap) -- Shares in Hyundai Motor Co. soared Friday as the South Korean carmaker is in talks with Apple Inc. for potential partnership in developing electric cars and batteries.

"Hyundai is at an initial stage of talks with Apple for cooperation in developing an electric car but no decision has been made yet," a Hyundai official said over the phone.

Apple is known to be in talks with several global carmakers for the EV project.

As of 10:05 a.m., Hyundai Motor jumped 14 percent to 235,000 won, far outperforming the broader KOSPI's 1.7 percent advance.

Its affiliates also jumped on the news, with Kia Motors Corp. trading 5.7 percent higher at 66,600 won and Hyundai Mobis Co., an auto parts maker, up 18 percent at 360,500 won.

In recent years, the Cupertino, California-based technology giant reportedly has hired engineers with an expertise in electric vehicles to develop a self-driving car system.

Industry people say it will take at least five to seven years for Apple to launch a self-driving electric car as its development work is at an early stage.

This file photo shows Hyundai Motor's headquarters building in Yangjae, southern Seoul. (Yonhap)

kyongae.choi@yna.co.kr
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