Hyundai Motor, Apple in EV Battery Development Talks
08 January 2021 - 02:22PM
Dow Jones News
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)
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