Initial talks between Apple for e-vehicle manufacturing, Hyundai shares up 24 percent

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South Korea’s vehicle company Hyundai Motors is reported to have had initial talks with Apple Inc. to manufacture e-vehicles and batteries. Hyundai has confirmed the talks, but has not shared detailed information.

South Korean automobile giant Hyundai Motors is reported to have had initial talks with Apple Inc. to make e-vehicles and batteries.

What did hyundai say South Korea’s ‘Korea Economic Daily TV’ has given this information by quoting Hyundai’s statement. Hyundai said in a statement, “Negotiations between Apple and Hyundai are going on, but it is at an early stage.” The company has not given detailed information about the conversation with Apple. Also, it has not been clarified whether this conversation has taken place on cooperation in the manufacture of electric vehicle.

However, South Korea’s ‘Korea Economic Daily TV’ said in its news that talks between the two companies are expected to develop batteries. These can be developed at either the US-based factories of Hyundai or its affiliate Kia Motors Corp.

Apple is working on a self-driving car In December, communications agency Reuters reported Apple’s move towards self-driving car technology. Reuters had said that the company plans to develop a passenger car by 2024 that will have state-of-the-art battery technology.

Work together on ‘car play’ The two companies work together on Apple’s ‘CarPlay’ software. This software is used to connect iPhone to different cars.

Hyundai shares swung with news The impact of confirmation of initial talks with Apple also showed the effect on Hyundai shares. Hyundai Motors shares rose 23.8 percent in international markets. This is a seven-year high, while its components company Hyundai Mobis saw a 30 percent jump.

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