Talks are under way between Hyundai Motor and U.S. tech giant Apple regarding a possible collaboration in developing autonomous electric vehicles. 

The South Korean automaker said Friday that it has been receiving requests for potential cooperation from various companies regarding the development of self-driving EVs, but no decisions have been made as discussions are in the early stages.

Apple is known to be sounding out other global carmakers as well while Hyundai is internally reviewing the proposal from the U.S. firm.

Reuters earlier reported that Apple is moving forward with autonomous technology and targeting 2024 to produce a passenger vehicle. The iPhone maker’s automotive efforts, known as Project Titan, have proceeded since 2014. 

News of the possible business tie-up boosted share prices of Hyundai Motor by nearly 20 percent on Friday.