Kia shares soar on reports of link to Apple car

Kia shares soared Wednesday (January 20) after media reports linked it to Apple's rumored electric car project.

South Korea's Edaily says parent firm Hyundai Motor Group has decided Kia will be in charge of working with the U.S. tech giant.

The report cited unnamed industry sources, and Kia would only say it was reviewing cooperation on electric vehicles with multiple foreign firms.

There was no comment from Apple.

Earlier this month Hyundai did say it was in early talks with the iPhone maker.

That after Reuters reported in December that Apple was moving ahead with plans to produce a car as early as 2024.

Kia last week revealed a new logo and other branding changes, as part of what it said was a move beyond vehicle manufacturing.

But it didn't specify what new projects it had in mind.

Shares in the company jumped almost 20% Wednesday, later settling back around 5% up on the day.

Video Transcript

- Kia shares soared Wednesday after media reports linked it to Apple's rumored electric car project. South Korea's Edaily says parent firm Hyundai Motor Group has decided Kia will be in charge of working with the US tech giant. The report cited unnamed industry sources, and Kia would only say it was reviewing cooperation on electric vehicles with multiple foreign firms. There was no comment from Apple.

Earlier this month Hyundai did say it was in early talks with the iPhone maker. That after Reuters reported in December that Apple was moving ahead with plans to produce a car as early as 2024. Kia last week revealed a new logo and other branding changes, as part of what it said was a move beyond vehicle manufacturing. But it didn't specify what new projects it had in mind. Shares in the company jumped almost 20% Wednesday, later settling back around 5% up on the day.