Shares of Hyundai Motor surged 19% after media reports said the South Korean automaker is in early talks with Apple (NASDAQ:AAPL) over potentially working together to develop an electric car.
South Korean media reports said that Apple and Hyundai are reviewing the terms of a deal. The report said that both electric vehicle production as well as battery development were included in the proposal, and that the car could potentially be released in 2027.
Apple declined to comment on the media reports.
Hyundai released a statement that avoided the mention of Apple and said, "We’ve been receiving requests of potential cooperation from diverse companies regarding development of autonomous driving EVs, but no decisions have been made as discussions are in early stage."
Speculation about an Apple car has been rife for several years but nothing concrete has materialized. Reuters last month reported that Apple was moving forward with its self-driving car technology. The report said the iPhone-maker was targeting to produce a passenger vehicle by 2024 that could include its own breakthrough battery technology.
