International Hyundai shares soar on Apple car talks reports

Hyundai shares soar on Apple car talks reports

Most major automakers and many technology groups are currently developing autonomous vehicles

Author

Date

Category

- Advertisement -

Shares in South Korean automaker Hyundai soared Friday on the back of reports it was in talks with Apple for a joint project to manufacture self-driving electric vehicles.

Hyundai Motor shares rocketed 19.4 percent in Seoul, with its affiliate Kia also jumping 8.4 percent at the close.

The moves came after cable broadcaster Korea Economic TV said the iPhone maker had approached the South Korean company to discuss a potential partnership to develop electric cars and batteries for them.

South Korea’s Yonhap news agency quoted a Hyundai representative as saying the firm was “at an initial stage of talks with Apple”.

- Advertisement -

Most major automakers and many technology groups are currently developing autonomous vehicles, considered to be the future of the automobile, along with electric power.

Consumer interest in eco-friendly vehicles has mounted in recent years with Tesla largely taking the lead in the sector.

Apple’s Project Titan is devoted to self-driving technology but the firm is known for being ultra-secretive about business projects.

Hyundai, South Korea’s biggest automaker, has already rolled out fully-electric cars including the Ioniq and the Kona Electric as it seeks to win a slice of the growing market.

It has announced it will offer ten models of “electrified, eco-focused vehicles” including hybrid and hydrogen-powered models by the end of 2022.

“We’ve been receiving requests for potential cooperation from various companies regarding development of autonomous EVs,” Hyundai Motor said in a statement sent to AFP.

“No decisions have been made as discussions are in (an) early stage.”

© Agence France-PresseFollow us on Social Media

Send in your scoops to news@theindependent.sg 

- Advertisement -

Quick succession plan may be needed to safeguard the economy

Singapore—A Bloomberg report says that Deputy Prime Minister Heng Swee Keat's bowing out of contention to be the next Prime Minister, announced on Apr 8, should not come as too much of a surprise, given the results of last year’s general...

WP MPs invited to Masjid Al-Mawaddah, the “loving and affectionate mosque”

Singapore — Workers' Party (WP) MPs representing Sengkang GRC were invited to the area's Masjid Al-Mawaddah on Sunday (Apr 11), together with Aljunied GRC MPs Muhamad Faisal Abdul Manap and Pritam Singh, who is also party leader. We were extremely honoured to...

Out of Singapore’s succession hiccup, a good leader may emerge

The shock announcement by Deputy Prime Minister Heng Swee Keat that he will not be Singapore’s next Prime Minister has put paid to the notion that Singapore politics is stable and predictable. Instead, this surprising development spells a period of uncertainty...
Follow us on Social Media

Send in your scoops to news@theindependent.sg 

Theindependent