Hyundai Motor Confirms Self-Driving-Car Talks With Apple, Stocks Touch


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,
+ 18.45%
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,
+ 3.41%
At least five years to develop an autonomous car. Bloomberg also reported that several former Tesla Inc. TSLA,
+ 7.94%
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.
+ 0.69%,
Of which it is a component, in the last 12 months.

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