The Hyundai logo will be displayed at the # WeAreMobility show during the 97th edition of the Brussels Motor Show on January 18, 2019 in Brussels.
Dirk Waem | AFP via Getty Images
SINGAPORE – Shares of Hyundai Motor were up 20% after the South Korean carmaker said it was early in talks with Apple about the possibility of partnering to develop a self-driving car.
“We understand that Apple is in talks with a large number of global automakers, including Hyundai Motor. As the discussion is still in its early stages, nothing has been decided yet,” a Hyundai Motor representative told CNBC’s Chery Kang.
The statement followed a local report from the Korea Economic Daily that said Apple suggested the deal and Hyundai Motor was reviewing the terms. The report said both electric vehicle production and battery development were included in the proposal, and the car could potentially be released in 2027.
Apple declined to comment on the report.
Shares of Hyundai Motor and its subsidiaries fell in South Korea.
Hyundai Motor was up 20.87%, Hyundai Wia 21.47%, Hyundai Mobis 23.15% and Hyundai Glovis 3.51%. Shares of Hyundai subsidiary Kia Motors, South Korea’s second largest automaker, rose 9.84%.
There has been speculation about an Apple car for a number of years, but nothing concrete has come out.
Citing sources familiar with the case, Reuters reported last month that Apple is making progress with its self-driving car technology. The report said the iPhone maker planned to produce a passenger car by 2024 that could include its own breakthrough battery technology.
While the report raised shares for companies building parts for self-driving cars, prominent Apple analyst Ming-Chi Kuo said the hype stemmed purely from speculation that some of those companies could supply parts for the Apple car.
Kuo warned that the market was “too optimistic” for the Apple car, saying he wouldn’t be surprised if the vehicle isn’t launched until 2028 or later.
– CNBC’s Chery Kang contributed to this report