South Korea’s second-richest family became more richer. A potential tie-up between Hyundai and Apple for EVs and batteries helped Hyundai shares sours 25% in Seoul. The stock surge boosted the combined fortune of Hyundai Motor Group Chairman Euisun Chung and his father, Mong-Koo, by almost $2 billion.
The Shares of the Hyundai Motor Co. jumped as much as 25% after South Korean media said the carmaker was in talks with the US tech giant over developing self-driving vehicles. Hyundai initially confirmed the report before dialling it back to excise any mention of Apple, saying it had been receiving requests to cooperate on the technology from many firms.
The stock surge enhanced the combined fortune of Chung and his father, Mong-Koo, by almost $2 billion, according to the Bloomberg Billionaires Index. Euisun has been pushing for technologies including electric and driverless vehicles to turn the carmaker into one of the world’s leaders. Hyundai Motor will spend more than 60 trillion won ($55 billion) in those areas over the next five years and in 2019 set up a $4 billion autonomous-driving joint venture with a General Motors Co. spinoff.