South Korean automaker, Hyundai, has seen its stocks perform its best in at least, two decades.
Analysts believe that the high performance of Hyundai’s stock is not disconnected from the automaker being in early talks with Apple to develop self-driving electric cars.
According to a report by CNN Business, Hyundai said in a statement that it is currently receiving proposals for cooperation from various companies.
However, the company added that no decision has been made yet.
Apple, on the other hand, has not made any comments.
Shares in the automaker, are beginning to reach a surge, as investors consider the possibility that Hyundai could be a partner on Apple’s long-rumored car project.
The stock finished up more than 19% in Seoul. This, according to Refinitiv, is the best Hyundai’s stock has performed in South Korea, in at least 20 years.
Both Apple and Hyundai have reason to consider a partnership. Talk of Apple’s interest in electric, self-driving cars has existed for years, though it has been heating up recently.
A report by Reuters last month, cited unnamed sources saying that Apple plans to produce a passenger vehicle by 2024.
Bloomberg also reported that Apple has begun early developmental work on an electric vehicle, but any resulting product would be at least five years away.
Hyundai, meanwhile, has pledged top dollar to join the race to build such vehicles.
The company said last October that it plans to invest 41 trillion won ($37 billion) into “future mobility technology” by 2025 — a commitment that puts it on par with major players like Volkswagen.
In December, Hyundai unveiled the engineering plans for a series of new electric cars – E-GMP. This basic vehicle structure will provide for over 300 miles of driving range, according to Hyundai, and can be charged to 80% of its full power in 18 minutes.
It can be used as the basis of sedans and SUVs, the company has said.