Shares of South Korean automaker Hyundai soared on Friday after a company representative said the carmaker was in preliminary talks with Apple on a partnership to produce an electric car.
Hyundai’s stock rose as much as 20%—adding $8 billion to the company’s market value-—the biggest one day jump since 1988.
But, within hours, the company backed away from that statement, telling reporters that its representative had misspoken and that the company had been approached by a number of potential unnamed partners about collaborating on electric vehicles.
Hyundai may have endangered any relationship it was hoping to establish with Apple by naming the company, Bloomberg reported, noting the Cupertino, California-based tech giant has a penchant for secrecy around future products and partnerships. Apple has so far declined to comment on the Hyundai report.
True or not, the whiplashing pair of statements from Hyundai are just par for the course in a … Read More