Apple proposes to Hyundai to manufacture its electric vehicles and this soars 20% in the stock market

8/01/2021 – 8:59 Updated: 09:11 – 8/01/21

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Hyundai has soared this Friday on the Seoul Stock Exchange. Its shares have appreciated 19.42% in the session after announcing that it is negotiating with Apple to manufacture its electric vehicles.

“Apple is in talks with a variety of global automakers, including Hyundai Motor,” a representative of the South Korean firm has transferred to the CNBC, who has clarified that still “nothing has been decided” since conversations are “in their infancy”.

Also, the local newspaper Korea Economic Daily collects today that Apple has suggested the union with Hyundai and this is studying the terms of the offer.

According to this information, the proposal of the American technology company to the South Korean company includes both the production of electric vehicles and the development of batteries. Apple’s car could be launched in 2027.

The iPhone maker declined to comment on the CNBC. For its part, in a statement in which it does not explicitly mention Apple, Hyundai assures that it has received “requests for potential cooperation from various companies for the development of autonomous driving electric vehicles.” And he insists that he has not made any decision because the negotiations “are in an early stage.”

Strong rises in the stock market

The news has led to sharp increases in the stock market in both Hyundai Motor stocks and its subsidiaries.

Specifically, the automobile matrix has ended the day with gains of 19.42%, after having shot up close to 25%. For its part, Hyundai Wia rose 24.72%, Hyundai Mobis advanced 22.17% and Hyundai Glovis, 2.76%.

Likewise, the subsidiary Kia Motors, the second largest automobile manufacturer in South Korea, has risen 11.90% today on the market.

Globally, the Seoul stock market rose 4% this Friday. His main selective, the Kospi, has gained 120.5 points to stand at 3,152.18 points.