Kia shares soar on reports of link to Apple car

Kia shares rose sharply on Wednesday (Jan. 20) after media reports linked them to Apple's alleged electric car project.
According to Edaily of South Korea, parent company Hyundai Motor Group has decided that Kia will be responsible for working with the US tech giant.
The report cited unnamed industry sources, and Kia would only say that electric vehicle collaborations with several foreign companies were under review.
There was no comment from Apple.
Earlier this month, Hyundai said it was in early talks with the iPhone maker.
After Reuters reported in December that Apple was pushing plans to produce a car as early as 2024.
Kia revealed a new logo and other branding changes last week as part of what it said was a step beyond vehicle manufacturing.
However, it was not specified which new projects were planned.
The company's shares rose nearly 20% on Wednesday and rose again around 5% later in the day.
Video transcript
- Kia shares rose sharply on Wednesday after media reports linked them to Apple's alleged electric car project. According to Edaily of South Korea, parent company Hyundai Motor Group has decided that Kia will be responsible for working with the US tech giant. The report cited unnamed industry sources, and Kia would only say that electric vehicle collaborations with several foreign companies were under review. There was no comment from Apple.
Earlier this month, Hyundai said it was in early talks with the iPhone maker. After Reuters reported in December that Apple was pushing plans to produce a car as early as 2024. Kia revealed a new logo and other changes to the brand last week as part of what it called a step beyond vehicle manufacturing. However, it was not specified which new projects were planned. The company's shares rose nearly 20% on Wednesday and rose again around 5% later in the day.

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