Hyundai Confirms Talks With Apple, May Cooperate on Electric Cars and Batteries

"Apple and Hyundai are in discussions but they are at an early stage and nothing has been decided," Hyundai said.

By Reuters | Updated: 8 January 2021 10:57 IST

Hyundai Confirms Talks With Apple, May Cooperate on Electric Cars and Batteries

The two companies work together on CarPlay, Apple's software for connecting iPhone models to vehicles

Highlights

Shares in Hyundai Motor jumped as much as 23.8 percent
The Apple is moving forward with self-driving car technology
Apple is aiming to as early as 2024 produce a passenger vehicle

Hyundai Motor said it in was in early discussions with Apple after Korea Economic Daily TV reported that the two were in talks to cooperate on electric cars and batteries, sending Hyundai's shares surging 24 percent.

"Apple and Hyundai are in discussions but they are at an early stage and nothing has been decided," Hyundai Motor said in a statement. The company did not give details about the nature of the talks with Apple and did not mention whether the cooperation involved electric vehicles.

Apple declined to comment.

In December, Reuters reported that the Apple is moving forward with self-driving car technology and is aiming to as early as 2024 produce a passenger vehicle that could include its own breakthrough battery technology.

Apple Said to Start Making Self-Driving Cars by 2024

The two companies work together on CarPlay, Apple's software for connecting iPhone models to vehicles from a variety of automakers.

The Korea Economic Daily TV said on Friday that Apple and Hyundai Motor Group were negotiating and that the companies were expected to develop batteries at either Hyundai's or its affiliate Kia Motors's factories in the United States.

Shares in Hyundai Motor jumped as much as 23.8 percent, hitting a more than seven-year high of KRW 2,55,000 (roughly Rs. 17,000), while auto parts maker Hyundai jumped nearly 30 percent.

Apple’s Self-Driving Car Unit Reportedly Gets a New Driver

The broader KOSPI market was up 1.9 percent as of 01:32 GMT (7:02am IST).

© Thomson Reuters 2020

What will be the most exciting tech launch of 2021? We discussed this on Orbital, our weekly technology podcast, which you can subscribe to via Apple Podcasts, Google Podcasts, or RSS, download the episode, or just hit the play button below.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.