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Hyundai share prices surges by 20% following alleged electric car deal with Apple



News24

LAST UPDATED: Jan. 9, 2021, 2:14 p.m.

New Delhi (Anish Yande): The share price and value of Hyundai rose on Friday after reports of the company collaborating with Apple. The reports indicated that the automobile company was set to develop a driverless electric vehicle along with Apple. The share prices of Hyundai rose by nearly 20% after the reports emerged.

The share prices of Hyundai rise:

The shares of the automobile company rose by more than 23 percent. Hyundai shares reached a seven-year high to record a figure of 255,000 Korean Won. Hyundai had said on Friday that it was in talks with Apple, according to South Korean media. 

The value of Hyundai has risen by $9 billion on Friday alone.

The South Korean automobile manufacturer released a statement that Apple and Hyundai are in the early stages of discussions. The nature of the discussions wasn’t specified by Hyundai. 

The company issued a regulatory filing in which Hyundai received requests for cooperation on joint development of autonomous electric vehicles. The regulatory filing stated that various companies had sent requests to Hyundai relating to the development of electric vehicles. 

The automobile manufacturer didn’t specify which companies had approached it.

Apple’s comments on the situation:

Apple didn’t comment on the situation. According to previous reports, Apple was developing self-driving electric cars. The Cupertino based company was reported to develop a battery that provides more energy by occupying less capacity. 

Hyundai and Apple had previously collaborated on Apple’s music system for automobiles, CarPlay. 

Hyundai had previously entered into a joint venture with Aptiv. The joint venture, which is worth $4 billion, is for developing self-driving electric cars. Hyundai has aimed to record sales of 1 million electric cars by 2025. The company is set to invest $55 billion within the next few years for self-driving and electric vehicles. 

The increase in investing in Hyundai can be attributed to Elon Musk’s newly acquired position as the world’s richest person. Musk is co-founder of Tesla, the share prices of which recently crossed the $800 billion mark. 

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