By Kwanwoo Jun 
 

Shares of Hyundai Motor Co. and its main auto-parts supplier Hyundai Mobis Co. soared Friday as the South Korean auto giant confirmed it is in talks with Apple Inc. to develop electric-car batteries.

The potential tie-up could offer an indicator that plans for Apple's long-awaited electric vehicles are advancing.

Hyundai Motor was trading 20% higher, paring some of its earlier gains after surging much as 24% on the news. Hyundai Mobis also jumped nearly 30% before trading 22% higher later.

The two auto stocks drove gains in the broader stock benchmark Kospi, outperforming the broader market's 2.2% rise in the morning.

The rally began on a Korea Economic Daily report that Hyundai Motor or sister company Kia Motors Corp. could partner with Apple to develop batteries for electric vehicles, as the U.S. tech giant aims to launch its own electric cars, likely by 2027.

"Apple and Hyundai are in discussions, but as it is at [an] early stage, nothing has been decided," a Hyundai Motor official said in a brief response to the news report without elaborating.

Apple didn't immediately respond to requests for comment.

The U.S. tech giant has been working for years on its own electric-vehicle project with driverless and high-tech cars in mind. An earlier Reuters news report said Apple is pushing for 2024 production.

 

Write to Kwanwoo Jun at kwanwoo.jun@wsj.com

 

(END) Dow Jones Newswires

January 07, 2021 22:07 ET (03:07 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
Apple (NASDAQ:AAPL)
Historical Stock Chart
From Feb 2024 to Mar 2024 Click Here for more Apple Charts.
Apple (NASDAQ:AAPL)
Historical Stock Chart
From Mar 2023 to Mar 2024 Click Here for more Apple Charts.