Hyundai Motor stock rose more than 20% in Seoul trading after confirming early-stage talks with Apple to develop a self-driving car, reports Seeking Alpha. The talks lay a basis for an electric car that could potentially hit the market in 2027.
- Apple is looking at a handful of strategic EV partnerships and collaborations globally with existing automakers, including Hyundai-Wedbush Securities analyst Dan Ives.
- Analysts expect Apple to consider partnerships with Tesla, VW, Hyundai, or other auto manufacturers in China in the 70%+ range rather than build its own vehicles.
- The EV sector is gaining momentum off the Apple buzz and expectations for heightened industry support due to a Democrat-led house in the U.S.
Hyundai and Apple stocks are currently gaining. 005380: KRX is up 19.42%, AAPL: NASDAQ is up 0.58% on premarket.
