Hyundai Motor Co. said it is in early discussions with Apple Inc. on developing self-driving electric vehicles, sending its shares up as much as 24% in Seoul.

“Apple and Hyundai are in discussion, but as it is at an early stage, nothing has been decided,” the South Korean manufacturer said in a statement Friday (Jan 8).

With development work still at an early stage, Apple will take at least half a decade to launch an autonomous, electric vehicle, people with knowledge of the efforts have told Bloomberg News. Hyundai is accelerating a push into new technologies such as electric, driverless and flying cars, including setting up a $4 billion autonomous-driving joint venture.

Hyundai’s intraday stock surge in Seoul was the biggest since 1988. A cable TV unit of Korea Economic Daily earlier reported the discussions with Apple. Hyundai has completed internal discussions on the project and is awaiting approval from the chairman, according to the report.

Apple declined to comment.