Shares in Hyundai’s subsidiary Kia soared to their highest point since 1998 on Wednesday reaching 97,700 Korean won ($87.70) per share, according to CNN, after a report emerged that Apple was closing in on a major deal with the automaker to build electric vehicles.

The investment, rumoured to be a sizeable $3.6 billion, would see Kia build Apple-branded cars at the Korean automaker’s Georgia facility in the US. A date of February 17th has been slated for an agreement signing, with the first Apple cars to roll off the production line in 2024.

But the report, which first appeared on DongA.com, doesn’t cite any sources, while both Kia and Apple declined to comment, according to Bloomberg. However, Kia’s parent company, Hyundai, had previously gone on record that they were holding talks with the iPhone manufacturer, only to revise their statement twice later on.

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Hyundai’s initial statement mentioned that they were one of the automakers which Apple was talking to. The first revision eliminated mention of other automakers, and the final iteration went so far as to remove reference to Apple. Instead, the official line was that they had received “requests for potential cooperation from various companies regarding development of autonomous EVs.”

Apple, who are known to be tight-lipped around their future plans, has been rumoured to be building a car since 2014. In 2014, Apple’s “Project Titan” was supposedly formed to explore the possibility of EV development. A partnership with either Hyundai or Kia would give Apple the automotive expertise and manufacturing capabilities needed, even if their rumoured autonomous tech is already up to the mark.

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Hyundai, who are focused on an EV future, have recently developed their new E-GMP platform, which may serve as the perfect basis for an Apple car. Hyundai claims their new electric platform will deliver a range of 310 miles (500km) and be rechargeable to 80% in just 18 minutes. The E-GMP underpinnings will feature on the upcoming 2021/2022 IONIQ 5, as well as a forthcoming KIA EV.

The race for technology-first automobiles seems to be hotting up, with Foxconn and Geely tying up most recently. A Kia & Apple partnership would likely add to the industry dynamics of traditional automakers being challenged by tech entrants.