Hyundai Confirms Talks with Apple (AAPL) About Electric Vehicle Cooperation

January 8, 2021 6:24 AM EST

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Shares of Hyundai gained 19.42% in Seoul today after the world’s fifth-largest carmaker by sales confirmed it is discussing electric car and battery tie-up cooperation with Apple (NASDAQ: AAPL).

The company issued a statement on Friday to respond to media reports that two companies are in discussion over an electric car and battery tie-up. A local South Korean media outlet reported that two companies are working on a deal to develop self-driving electric vehicles by 2027.

Moreover, discussion over US-based factories to develop batteries were also held. These factories would be operated by either Hyundai or its affiliate Kia Motors.

“Apple and Hyundai are in discussion, but as it is early stage, nothing has been decided,” Hyundai said in a statement.

On a separate occasion, Hyundai said it is “getting requests for cooperation on joint development of autonomous electric vehicles from various companies”.

Wall Street analysts expect Apple to move forward with self-driving car technology in the near future.

“We continue to strongly believe Apple ultimately announces an EV strategic partnership in 2021 that lays the groundwork to enter the burgeoning EV space,” Wedbush analysts said in a note.

Shares of Apple trade 0.5% higher in pre-open today.

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