Kia shares surge on Apple car tie-up report

Kia shares surged Wednesday (February 3) on reports it will soon sign a deal with Apple to produce electric cars.

The stock jumped as much as 14.5% to hit highs not seen since 1997.

That after South Korea's DongA.com said Apple would invest 3.6 billion dollars in the carmaker as part of the plan.

It says the new EVs will be made at a Kia plant in the U.S., with the deal to be signed on February 17.

The online news outlet didn't cite any sources for its report, and there was no comment from the firms involved.

Last week Reuters reported that parent firm Hyundai Motor Group had decided Kia would be the one to partner the iPhone maker.

At the time, Kia would only say it was reviewing cooperation on EVs with multiple foreign firms.

In December Reuters reported that Apple was moving ahead with self-driving car technology, and aimed to produce a model of its own as early as 2024.