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Is Hyundai building an electric car with Apple? Rumors fuel Hyundai shares

Reports of a possible cooperation between Hyundai and Apple for the construction of an electric car give the share of the Korean company a huge boost. The paper gained almost 30 percent.

Rumors of a collaboration between Apple and Hyundai in the electric car sector have skyrocketed shares in the South Korean automaker. The papers on the stock exchange in Seoul rose at times by more than 28 percent on Friday, those of the subsidiary Kia by 8.4 percent. Previously there were reports of a possible joint venture between Apple and Hyundai to manufacture self-driving electric cars.

According to the broadcaster Korea Economic TV, the US technology group contacted the South Korean carmaker to talk about cooperation in the production of electric cars and batteries. The South Korean news agency Yonhap quoted a Hyundai representative as saying that talks with Apple were just beginning. There has been no decision yet.

The global electric car sector is currently dominated by the US automaker Tesla. South Korea’s largest car manufacturer Hyundai already has electric cars on offer, but is still looking for a place in the competitive market. Little has been known about a possible Apple car.

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