Hyundai Motor Co. said it is in initial negotiations with Apple Inc. is developing autonomous electric vehicles, increasing its shares by up to 24% in Seoul.
“Apple and Hyundai are in discussion, but as it is at an early stage, nothing has been decided,” the South Korean manufacturer said in a statement on Friday.
With development work still at an early stage, Apple will take at least half a decade to launch an autonomous electric vehicle, people with knowledge of efforts they told Bloomberg News. Hyundai is accelerating advances in new technologies, such as electric, driverless and flying cars, including the creation of a $ 4 billion autonomous steering system joint venture.
The intraday increase in Hyundai’s shares in Seoul was the largest since 1988. A cable unit from Korea Economic Daily previously reported the discussions with Apple. Hyundai has completed internal discussions on the project and is awaiting approval from the
the president, according to the report.
Apple declined to comment.
– With the help of Mark Gurman
(Updates with Hyundai’s response starting in the first paragraph.)