Hyundai Motor Co. said it is in early discussions with Apple Inc. about the development of self-driving electric vehicles, with a share of no less than 24% in Seoul.
“Apple and Hyundai are in discussion, but as it is at an early stage, nothing has been decided yet,” the South Korean manufacturer said in a statement Friday.
With development work in its infancy, it will take Apple at least half a decade to launch an autonomous, electric vehicle, people knowledgeable about the efforts Bloomberg News have told. Hyundai accelerates a push towards new technologies such as electric, self-driving and flying cars, including the creation of a $ 4 billion autonomous driving car joint venture.
Hyundai’s intraday stock increase in Seoul was the largest since 1988. A cable TV unit from Korea Economic Daily earlier reported the conversations with Apple. Hyundai has completed internal discussions on the project and is awaiting approval from
the chairman, the report said.
Apple declined to comment.
– With help from Mark Gurman
(Updates with Hyundai’s response from the first paragraph.)