Hyundai Motors Co. shares are up more than 20% on the upcoming EV deal with Apple

Hyundai Motor Firm is downplaying the latest report that it talks to Apple about manufacturing an autonomous electric vehicle, saying that talks are still in the “early phase” and still undecided. But the news of a possible (Though tentative) tie-up with Apple, which is known to keep a tight lid on deals until they are revealed, was enough to send Hyundai Motor Company’s shares up more than 20% during Friday’s trading on the Korea Exchange. The talks were first reported by the Korea Economic Daily and confirmed by Hyundai in a statement.

Hyundai Motors

Reuters announced last month that Project Titan, the Apple car program, is still going on, with plans to build an autonomous electric passenger vehicle. But it is not supposed that the car will launch until 2024. In August 2020, Hyundai launched its own electric vehicle brand, Ioniq, with strategies to market three all-electric vehicles over the next four years, as part of its plan to sell one million battery-powered electric vehicles take a 10% share of the electric vehicle market by 2025.  Hyundai also has a shared investment with the autonomous driving technology firm Aptiv to make self-driving Level 4 and Level 5 production-available systems open by 2022 to robotic taxis, fleet operators, and car manufacturers.

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