Shares of Hyundai Motor Co. rose more than 20% in trading on Friday in Seoul after the South Korean automaker confirmed it was in talks with Apple to develop an electric, self-driving car.
Hyundai said in a statement: “Apple and Hyundai are in discussions, but since it is at an early stage, nothing has been decided.”
That was enough to ignite 005380 for Hyundai,
The largest intraday gain since at least 1988.
The Korean news site Hankyung Apple first reported its news, saying Hyundai would manufacture the Apple-designed car as well as develop batteries for it.
separately , Reported by Bloomberg News Thursday that it will take Apple AAPL,
At least five years to develop an autonomous vehicle. Bloomberg also reported that a number of Tesla Inc. TSLA previous,
Executives have been added to the project.
For years, Apple was rumored to be working on a self-driving car, switching between developing its own and Just technology development For one. Last month , Reuters reported Apple was once again looking to develop a passenger car, with a target date of 2024.
Apple shares jumped more than 3% on Thursday, and are up 69% over the past year, compared to a 7% gain for the DJIA.
It is one of its components, during the past 12 months.