Apple and Hyundai set to agree on electric car tie-up

Hyundai Motor and Apple Inc prepare to sign a partnership deal on autonomous electric cars by March and begin production around 2024 in the United States, according to Korea IT News.

The report comes after a statement on Friday from Hyundai Motor that it was in early talks with Apple after one more local media outlet said the companies intended to introduce a self-driving electric car in 2027, sending Hyundai shares up almost 20%.

Hyundai Motor refused to comment on the report on Sunday and reiterated Friday’s comments that it has got requests for potential cooperation from various companies on developing autonomous electric vehicles.

Apple have made no statement as of yet.

Shares in Hyundai Motor increased 14.6% in morning trade on Monday, while affiliate auto parts maker Hyundai Mobis shares increased 12.7% and Kia shares increased 9.1% against a 2% gain in the wider market.