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Hyundai Motor Co in early talks with Apple Inc on developing self-driving cars

Hyundai Motor Co. said it is in early talks with Apple Inc. on developing self-driving electric vehicles, emerging as the first potential auto-manufacturing partner for the Big Tech company. The early talks between the companies led to a surge of 20% shares of Hyundai Motor Co. stocks. The statement followed a local report from the Korea Economic Daily that said Apple suggested the tie-up and Hyundai Motor was reviewing the terms. The report said both electric vehicle production, as well as battery development, were included in the proposal, and that the car could potentially be released in 2027 according to the report in CNBC. Hyundai has completed internal talks on the project and is awaiting approval from the chairman, according to the sources. Hyundai gained the biggest intraday gain since 1988 and rose as much as 24%. The South Korean car manufacturing company stated, “We’ve been receiving requests of potential cooperation from diverse companies regarding development of autonomous driving EVs, but no decisions have been made as discussions are in an early stage.” Apple declined to comment on the report. With potential rivals Tesla making an enormous stride in the electric car industry. It's time for Apple Inc to catch up with the market.