Shares of Hyundai Motor surged 20 percent in Seoul after the Korea Economic Daily reported that the South Korean automaker is in early stage discussions with Apple to jointly develop self-driving electric vehicles.

Hyundai was trading at 253,000 South Korean won, up 47,500 won or 23.06 percent in Seoul.

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

Apple is in negotiations with multiple global automakers. Hyundai is one of them and it is in early stages of talks, the report quoted Hyundai as saying.

According to several media reports, Apple is developing an electric vehicle with an advanced battery. Apple’s so-called Project Titan is said to be targeting the start of production for 2024, though pandemic-related delays may push production into 2025 or beyond.

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