Hyundai Motor says it is in early talks with Apple for tie-up in EVs, batteries

REUTERS/Kim Hong-Ji

Hyundai Motor Co said it was in early discussions with Apple after Korea Economic Daily TV reported that the two were in talks to cooperate on electric cars and batteries, sending Hyundai‘s shares surging 24%.

“Apple and Hyundai are in discussions but they are at an early stage and nothing has been decided,” Hyundai Motor said in a statement. The company did not give details about the nature of the talks with Apple and did not mention whether the cooperation involved electric vehicles.

Apple Inc declined to comment.

In December, Reuters reported that Apple is moving forward with self-driving car technology and is aiming to as early as 2024 produce a passenger vehicle that could include its own breakthrough battery technology.

The two companies work together on CarPlay, Apple’s software for connecting iPhones to vehicles from a variety of automakers.

The Korea Economic Daily TV said on Friday that Apple and Hyundai Motor Group were negotiating and that the companies were expected to develop batteries at either Hyundai‘s or its affiliate Kia Motors Corp’s factories in the United States.

Shares in Hyundai Motor jumped as much as 23.8%, hitting a more than seven-year high of 255,000 won ($232.56), while auto parts maker Hyundai Mobis Co Ltd jumped nearly 30%.

The broader KOSPI market was up 1.9% as of 0132 GMT.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.