Hyundai Motor Group has said it was in talks with Apple about building an electric car – although it later backtracked on the claim. This caused Hyundai’s shares to soar by 20 percent overnight.
In a statement sent to the Financial Times, Hyundai said,: “Apple and Hyundai are in discussions, but as it is at an early stage, nothing has been decided.” The car maker’s valuation rose by £6.5bn (around Rs 6,478,47 crore) following the announcement.
It has yet to be confirmed when the Apple car will enter the market. The firm has previously targeted a launch date of 2024, but the Financial Times cites a Korean publication – reportedly part-owned by Hyundai – as saying Apple plans to launch its EV in 2027.