Hyundai share soaring amid negotiations with Apple

Economy

22:19 09.01.2021(updated 22:23 09.01.2021) Short url

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The CEO of Hyundai and his father now have two billion more. After reports of negotiations between the automaker and Apple over the development of an electric car, the South Korean giant’s share price has skyrocketed by nearly 25%, reports a Bloomberg article from January 8. .

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Following information about negotiations with Apple regarding future production of an electric car, Hyundai’s share price rose nearly 25%, reports a Bloomberg article released January 8. The day before, South Korean media said the auto giant was in talks with Apple over joint development of autonomous vehicles.

Earlier, the South Korean company said it had received requests for technology cooperation from many companies, not to mention the apple brand.

Company CEO Euisun Chung, who took over as chairman of the group from his father last October, is actively promoting the development of technologies like electric and autonomous vehicles, aspiring to turn Hyundai Motor into a global leader in the domain, Bloomberg says. To do so, the group will spend more than $ 55 billion over the next five years.

Two billion dollars more

Thanks to the recent surge in Hyundai’s stock price, the combined fortune of Euisun Chung and his father, Mong-koo, has risen by nearly $ 2 billion, according to the Bloomberg Billionaires Index. The son’s fortune now stands at $ 4.8 billion and that of the father stands at $ 7.4 billion. Thus, the second richest family in South Korea has become more so. The two men directly own around 8% of Hyundai Motor, the business media reported.

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