Hyundai’s value surges by $9bn amid reports of Apple electric car deal

South Korean firm backtracks on statement confirming ‘early discussion’ with US company

Hyundai’s value surged by $9bn (£6.6bn) on Friday after reports that it could join with Apple in developing a driverless electric vehicle – despite confusion as it backtracked on a statement acknowledging “early discussion” with the iPhone manufacturer.

Investors sent the South Korean carmaker’s share price on the Seoul exchange up almost 20%, as local media reported a possible tie-up on electric cars and batteries with Apple, which has been developing its own vehicle technology.

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