Hyundai shares soar after negotiations with Apple over autonomous car project

by bold-lichterman

South Korean auto giant Hyundai’s action soared on Friday following reports of talks with Apple about a plan to build self-driving cars. The share of the automaker jumped 19.4% on the Seoul Stock Exchange and that of its subsidiary Kia rose 8.4%. The hikes come after reports from Korea Economic TV claiming that the American group Apple has contacted the South Korean manufacturer to discuss a possible partnership to build electric cars and batteries for them.

Apple keeps its automotive ambitions a secret

South Korea’s Yonhap news agency quoted a Hyundai representative as saying his company was “At the initial stage of discussions with Apple”. Most of the major automakers and many technology groups are working on the development of self-driving vehicles, considered the future of the automotive industry. Consumer interest in this type of car has increased in recent years. The sector is dominated by the American manufacturer Tesla. Little information has filtered out on Apple’s autonomous car project, designated by the code name Titan, with the IT group keeping its automotive ambitions a secret.

Hyundai, South Korea’s largest automaker, has already made electric cars, including Ioniq and Kona Electric, seeking to capture a share of this growing market. He announced that he would offer ten models of “Electric and ecological vehicles”, including hybrid and hydrogen models, by the end of 2022. “We have received requests for potential cooperation from various companies regarding the development of autonomous electric vehicles”Hyundai Motor said in a statement to AFP. “No decision has been taken because the discussions are at an initial stage”.