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Family Behind Hyundai Just Made $2 Billion on Apple Report

  • The automaker jumps most since 1988 on potential tie-up
  • Electric vehicles and suppliers are gaining investor favor
Bloomberg business news
Hyundai Rallies on Report of Apple Tie-Up
Updated on

A reported potential tie-up with Apple Inc. made South Korea’s second-richest family even richer.

Shares of Hyundai Motor Co. jumped as much as 25% in Seoul Friday -- the most since 1988 -- after South Korean media said the carmaker was in talks with the U.S. tech giant over developing self-driving vehicles. Hyundai initially confirmed the report before dialing it back to excise any mention of Apple, saying it had been receiving requests to cooperate on the technology from a number of companies.