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Shares in Kia have soared off the back of reports that the car manufacturer has reached a multi-billion dollar deal to build electric cars for Apple.

The South Korean carmaker jumped 14pc off the back of local media reports that suggest it had reached a 4 trillion won (£2.6bn) agreement with the iPhone maker., a South Korean online news outlet, said that Apple would sign on to the terms of the deal on February 17, without citing any sources.

Apple will aim to produce around 100,000 vehicles per year by 2024 at the Kia plant. Both parties declined to comment when contacted by Reuters.

Shares in Kia, an affiliate of Hyundai, hit its highest level since 1997 at 102,000 won on Wednesday.

Reuters reported last week that Hyundai Motor Group has “tentatively decided” that it would want Kia to partner with Apple, citing a Hyundai insider.