Kia says it’s looking at EV projects with multiple firms after Apple report

SEOUL — Kia Corp. explained on Wednesday it is examining cooperation on self-driving electrical autos with various international companies, generating no mention of a report linking it to a undertaking with tech huge Apple Inc.

Kia’s comment, issued in a regulatory filing as its shares surged almost 20 percent in Seoul, came after domestic online publication Edaily documented late on Tuesday that Kia’s guardian, Hyundai Motor Group, experienced made a decision Kia would be in cost of proposed cooperation with Apple on EVs. The report cited unnamed market sources.

Hyundai Motor declined to comment. Apple was not right away readily available for comment outside of U.S. enterprise hrs.

Kia’s sister business Hyundai Motor Co. explained earlier this month it was in early talks with Apple, after nearby media documented the companies ended up talking about an EV and battery-tie up, sending Hyundai shares up almost twenty five percent. Apple declined to comment at the time.

In December, Reuters documented that Apple was transferring ahead with self-driving motor vehicle engineering and was aiming to develop a passenger motor vehicle that could incorporate its possess breakthrough battery engineering as early as 2024.

Kia previous week altered its corporate manufacturer to simply ‘Kia’ from ‘Kia Motors’ in what it explained was section of a new tactic aimed at taking the business “beyond motor vehicle producing to develop sustainable mobility solutions,” without having supplying unique details of new assignments.

“Altering our corporate identify and brand is not only a beauty advancement,” explained Kia President Tune Ho-sung. “It signifies us growing our horizons and creating new and rising enterprises that meet and exceed the varied requirements of our clients all over the world.”

Shares in Kia ended up up eight.two percent, while shares in Hyundai Motor ended up down .six percent.

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