Shares of Hyundai Motor Company rose more than 20% in Seoul Trading on Friday, with the South Korean auto maker confirming that it was in talks with Apple Inc. to develop a self-driving electric car.
“Apple and Hyundai are in discussion, but as it is in its early stages, nothing has been decided,” Hyundai said in a statement.
This was enough to spur Hyundai’s 005380,
Fastest intraday trading gains since at least 1988.
Korean news website Hankyung first reported on Apple News, stating that Hyundai would manufacture an Apple-designed car and develop a battery for it.
Separately, Bloomberg News reported on Thursday that it would take Apple AAPL,
At least five years to develop an autonomous car. Bloomberg also reported that several former Tesla Inc. TSLA,
Officers have been added to the project.
For years, Apple was rumored to be working on a self-driving car, and moved back and forth between developing its own car and developing technology for just one. Last month, Reuters reported that Apple was looking to develop a passenger car again with a target date of 2024.
Apple shares rose more than 3% on Thursday, and are up 69% over the previous year, compared to a 7% gain by the Dow Jones Industrial Average DJIA.
Of which it is a component, in the last 12 months.