Kia shares boosted upon renewed hope for Apple collabo

2021.02.26 13:56:55 | 2021.02.26 19:05:24

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South Korea’s Kia Corp. made a select gainer amid broad losses on the Seoul bourse Friday as expectations of its part in the Apple EV project have not entirely fizzled out despite its formal denial amid slow progress in iPhone maker’s endeavors to find a vehicle partner.

Kia shares went up as high as 83,200 won ($74.02) and ended the day 3.12 percent higher at 79,400 won despite the Kospi`s retreat of 3 percent. Trade topped 11 million on heavy foreign buying.

Earlier, a Korean media reported that Kia and Apple signed a memorandum of understanding last year to seek cooperation on eight items including EV. The news revived hope that there still is a chance for the two partners to exploring other areas of cooperation. Kia and Apple are in discussion for collaboration on last-mile mobility as well, the media added.

Hyundai Motor Group family formally denied talks on Apple’s autonomous vehicle project after a month-long speculation that fed their rally.

By Lee Ha-yeon

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