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Kia Shares Rise On Self-Driving Car Development

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Southern Korea’s Kia Motors Corporation is cooperation that is reviewing self-driving electric vehicles with multiple international businesses, the automaker said on Wednesday.

Kia stocks jumped 5.64% to KRW88,100 ($79.86) by 11:48 PM ET (4:48 AM GMT), after seeing gains all the way to 7% earlier within the session.

The business made the responses via a filing that is regulatory Tuesday’s reports from uncited sources that moms and dad company Hyundai Motor Group (KS:005380) had determined Kia would oversee a proposed cooperation with Apple Inc. (NASDAQ:AAPL) on electric automobiles. However, the filing would not point out the report.

Hyundai engine declined to comment, and saw its shares lose as much as 2.7% earlier in the day in the session. Apple had been also perhaps not immediately designed for comment.

Hyundai engine, Kia’s listed sis business, said it was in very early talks with Apple earlier in the day in the thirty days, after local media stated that the two businesses were in conversations for a an car that is electric battery-tie up. That news sent Hyundai shares up nearly 25%, while Apple declined to comment at the time.

Media reports in December stated that Apple ended up being dancing with self-driving vehicle technology and planning to produce a passenger vehicle which could include its breakthrough that is very own battery as soon as 2024. Southern Korea’s Kia Motors Corporation is cooperation.

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