Kia Motors’ shares jump 14% on reports of $3.6B EV deal with Apple

Kia Motors’ shares jump 14% on reports of $3.6B EV deal with Apple

South Korea’s Kia Corp shares surged to their highest in over two decades on Wednesday after a local media report said the carmaker will sign a 4 trillion won ($3.59 billion) deal with Apple Inc to build electric vehicles.

Shares in Kia, an affiliate of Hyundai Motor Co, jumped as much as 14.5% to hit its highest since 1997 at 102,000 won on Wednesday.

The rally came after South Korea’s online news outlet DongA.com reported that Apple would invest $3.6 billion in Kia as they collaborate to produce Apple’s electric vehicles in Kia’s Georgia plant, without citing any sources. The report said the deal would be signed on Feb. 17.

News source : Reuters

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