Business

Kia shares up after online report of remaining potential for Apple partnership

Shares in automaker Kia Corp rose more than 4per cent on Friday after a South Korean online news site reported on the remaining potential for a partnership with Apple Inc.

FILE PHOTO: The logo of Kia Motors is seen on a wheel of its Carnival car at the India Auto Expo 2020 in Greater Noida, India, February 5, 2020. REUTERS/Anushree Fadnavis/File Photo

26 Feb 2021 09:55AM

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SEOUL: Shares in automaker Kia Corp rose more than 4per cent on Friday after a South Korean online news site reported on the remaining potential for a partnership with Apple Inc.

Apple and Kia signed a memorandum of understanding (MOU) last year and agreed to pursue cooperation in eight sectors, including electric vehicles, and negotiations on electric vehicles are not completely cancelled, online media Chosun Biz reported earlier on Friday.

Chosun cited an unnamed source familiar with negotiations between Hyundai Motor Group, of which Kia is part of, and Apple.

Hyundai Motor Co said earlier this month it is not now in talks with Apple on autonomous electric cars, just a month after it confirmed early-stage talks with the tech giant, sending the automakers' shares skidding.

(Reporting by Joyce Lee)

Source: Reuters