Kia shares rise 5.14% after announcing a partnership with Apple’s electric car project

Shares of the South Korean company, Kia, rose to their highest value in more than two decades after the country’s local media said that the company will sign a 4 trillion won ($59.3 billion) deal with electric car maker Apple, this pushed Hyundai Motors subsidiary Kia shares up 14.5% to their highest value since 1997 at 102,000 won on Wednesday.

It is reported that the deal will be signed on February 17, and Apple will aim to produce about 100,000 electric vehicles annually by 2024 at the Kia plant, and its annual production capacity will increase to 400,000 vehicles at a later stage.

Kia shares rose about 20% on January 20 after circulating news that Hyundai Motor Group has decided that Kia will be responsible for the proposed project to cooperate with Apple to produce electric cars, and Kia said at the time that it was studying cooperation on a project to produce self-driving electric cars with several foreign companies, without mentioning any connection to its potential project with Apple at the time.

Today, Hyundai Motor Group shares are up 1.7%, while Hyundai Mobis is up 3.3% and Hyundai Glovis is up 6.7%, outperforming a 0.1% rise in the broader KOSPI South Korean stock market.

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