Daily reviews

20.01.2021

Kia reviewing cooperation on EV business

Kia reviewing cooperation on EV business

The company may oversee proposed cooperation with Apple on electric cars

Stocks impacted: Kia Motors (000270), Hyundai Motor Group (005380), Apple Inc. (AAPL)

Kia Motors Corp is reportedly reviewing cooperation on self-driving electric cars with multiple foreign firms. Earlier, there were reports from uncited sources that parent company Hyundai Motor Group had decided Kia would oversee proposed cooperation with Apple Inc. on electric cars. Kia stocks jumped initially on the news that Kia might lead ways for Apple Car production within Hyundai Motor Group. However, both Hyundai Motor and Apple declined to comment. In a disclosure echoed an earlier statement from Hyundai Motor, Kia confirmed that it was discussing autonomous mobility ventures with multiple foreign companies but nothing had been decided. Anyway, Kia stocks jumped over 5% on Wednesday. As a reminder, late last year, it was reported that Apple was moving forward with self-driving car technology and was aiming to produce a passenger vehicle that could include its own breakthrough battery technology as early as 2024.

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