The Hyundai logo is presented at the #WeAreMobility fair at the 97th edition of the Brussels Motor Show on January 18, 2019, in Brussels.
Dirk Waem | AFP through Getty Images
SINGAPORE – Hyundai Motor shares rose 20% after the South Korean carmaker said it was in talks with Apple about working together to develop a self-driving car.
“We understand that Apple is in talks with a variety of global automakers, including Hyundai Motor. As the discussion is in its infancy, nothing has been decided,” a Hyundai Motor spokesman told CNBC’s Chery Kang.
The statement followed a local report by the Daily Economic Korea, which said Apple had suggested the connection and Hyundai Motor was reviewing the terms. The report said that both the production of electric vehicles and the development of batteries were included in the proposal and that the car could be launched in 2027.
Apple declined to comment on the report.
The shares of Hyundai Motor and its subsidiaries appeared in South Korea.
Hyundai Motor increased by 20.87%, Hyundai Wia added 21.47%, Hyundai Mobis won by 23.15% and Hyundai Glovis increased by 3.51%. Shares of Hyundai Kia Motors, South Korea’s second-largest carmaker, rose 9.84%.
Speculation about an Apple car has been plentiful for several years, but nothing concrete has materialized.
Citing sources familiar with the matter, Reuters reported last month that Apple is moving forward with its self-driving technology. The report said the iPhone maker aims to produce a passenger vehicle by 2024, which could include its own revolutionary battery technology.
While the report sent growing shares for companies building autonomous car parts, prominent Apple analyst Ming-Chi Kuo said the hype is based solely on speculation that some of these companies could supply parts for Apple cars.
Kuo warned that the market is “too high” on the Apple car and said he would not be surprised if the vehicle is not launched by 2028 or later.
– CNBC’s Chery Kang contributed to this report