Business

LG Electronics shares rise after press coverage of Apple car

Shares of LG Electronics Inc. rose on Friday after reports that Apple Inc. is accelerating plans for a battery-powered self-driving car within four years.

LG Electronics’
066570,
+ 8.16%

profits reflect investor hopes that the South Korean company, and its affiliates, have long supplied parts to Apple
AAPL,
+ 2.85%
,
could benefit from Apple’s car project.

Shares of LG Electronics rose as much as 12% to 137,500 South Korean won ($116.23) in morning trading before falling lower. They were 6.9% higher in late morning trading, beating the Kospi . benchmark
180721,
+0.65%

0.1% increase.

Bloomberg reported early Friday that Apple plans to launch an electric, self-driving car by 2025. Details are still thin, and Apple has not yet commented on the latest news report.

Apple has never confirmed periodic media reports that it is entering the electric vehicle market..

LG Electronics in July launched LG Magna e-Powertrain, a joint venture with Canadian auto parts maker Magna International in an effort to boost its electric vehicle components business.

The South Korean company did not immediately comment on speculation of partnering with Apple for what some are calling the iCar project.

https://www.marketwatch.com/story/lg-electronics-rallies-after-media-report-on-apple-car-271637287260?rss=1&siteid=rss LG Electronics shares rise after press coverage of Apple car

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