Hyundai stock skyrockets on reports it is in early talks with Apple to build a car

Hong Kong Hyundai’s stock is on pace for its best day in at least two decades on reports that the South Korean automaker is in early talks with Apple to develop self-driving electric cars.

While nothing has been finalized, several media outlets reported Friday that Hyundai has confirmed that it is talking to Apple.

The news was initially reported by Korea Economic Daily TV, though Reuters, Bloomberg and others have since reported that Hyundai says it is in some kind of discussion with Apple (AAPL) about a car tie-up.

Talk of Apple’s interest in electric, self-driving cars has existed for years, though it has been heating up recently.

A Reuters report last month, citing unnamed sources, said that Apple plans to produce a passenger vehicle by 2024.

A Bloomberg report this week, also citing unnamed sources, said that Apple has begun early development work on an electric vehicle, but any resulting product would be at least five years away.

“We believe Apple is in the early stages of talks and looking at a handful of strategic partnerships and collaborations globally with existing auto makers on the [electric vehicle] front, with Hyundai on the radar,” Wedbush analyst Dan Ives wrote in a research note published shortly after reports about the Hyundai discussions first broke.

“It’s a smart strategic move for Apple to dive into the deep end of the pool on this new age of [electric] vehicles,” Ives said.