Hyundai Stock Soars On Report It May Build Apple Car In US

Read The Full Article On: Foxbusiness

Hyundai stock was up 25 percent Monday amid continued reports that the company is close to announcing a deal to collaborate on an autonomous electric car with Apple.

According to Reuters, Korea IT News reported that the companies were targeting a 2024 start of production for the vehicle, which will either be built at an existing factory in Georgia that currently manufactures vehicles for Hyundai-owned Kia, or at a new purpose-built facility in the U.S.

The outlet later edited the story to remove details on the location and timing, but said that a prototype could be revealed as early as next year.

The report echoed one from last week from Korea Economic TV that said the plan was to co-develop and begin the manufacture of both self-driving electric cars and batteries in the United States by 2027. A Hyundai spokesperson initially acknowledged that the companies were in discussions regarding a possible tie-up, but a regulatory filing issued after the report only said that “it has received requests for potential cooperation from various companies on developing autonomous EVs.”

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