Hyundai Motor family shares fly high on expectation for EV collaboration with Apple

Shares of Hyundai Motor family have jumped Friday upon rumors that the South Korean auto conglomerate could join Apple Inc’s electric vehicle project.

Flagship Hyundai Motor soared 19 percent to close the day at 245,000 won ($224.71), and Kia Motors rose 7.8 percent to 67,900 won.

Parts makers Hyundai Mobis also finished up 18 percent and Hyundai Wia 21 percent.

An unidentified Hyundai Motor Group official said discussions were underway but declined to elaborate further as the talks were in the early stage after a local media reported that the group was approached by Apple for alliance in a self-driving EV project for 2027.

Apple has long been preparing to build its own EV. It launched an electric car project, codenamed Titan, in 2014, and received a permit to test its self-driving technology on public roads from California’s motor vehicles authority in 2017. The IT firm also has hired ex-Tesla employees, including Doug Field, the EV giant’s former senior vice president of engineering.

Hyundai Motor has developed its own EV platform and will release cars starting this year.

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