Hyundai in talks with Apple for developing electric cars

Hyundai Motor said on Friday that early talks are going on with Apple after local media reported that the two giants were discussing a tie-up to develop electric cars and batteries.

"Apple and Hyundai are in discussion, but as it is early stage, nothing has been decided," Hyundai, in a statement, said.

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Korea Economic TV said that Apple had approached South Korean auto giant Hyundai for a potential partnership to manufacture electric cars and batteries for them. 

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South Korea's Yonhap news agency quoted a representative from Hyundai as saying that the talks with Apple are "at an initial stage". 

Weeks ago, Reuters reported that the iPhone maker was developing self-driving car technology and targetting to manufacture a passenger vehicle as early as 2024 with its own breakthrough battery technology. 

Apple's Project Titan is dedicated develop to self-driving technology but the Silicon Valley giant is known to not reveal its projects.

Hyundai has already rolled out fully-electric cars and announced it will come up with ten models of "electrified, eco-focused vehicles" including hybrid and hydrogen-powered models by the end of 2022.

Following the news, the shares of Hyundai skyrocketed 19.4 per cent in Seoul, with its affiliate Kia also seeing a rise of 8.4 per cent at the close.