Apple and Hyundai to jointly develop an electric car

Hyundai Motor and Apple Inc plan to sign a partnership deal on autonomous electric cars by March and start production as early as 2024 in the United States, local newspaper Korea IT News reported on Sunday.

According to Report, Korea Economic Daily TV earlier announced that Apple and Hyundai are in talks to produce electric cars and batteries until 2027. The automaker's shares rose by 25%.

The latest data said the pair plan to build the cars at Kia Motors' factory in Georgia or jointly invest in a new factory in the United States to produce 100,000 vehicles in 2024 at the proposed plant with an annual capacity of 400,000 cars. Kia Motors is an affiliate of Hyundai Motors.

The report said Hyundai and Apple plan to release a "beta version" of Apple cars next year.

Both Hyundai Motor and Apple did not have any immediate comment.