Hyundai and Kia stated Monday that they’re not at the moment in talks with Apple to develop self-driving vehicles — simply a month after South Korea-based Hyundai had stated it was in early discussions with the tech large.
Hyundai shares — whose affiliate Kia had been tipped in native media stories as Apple’s doubtless operational accomplice — fell over 6 % in South Korea on Monday, wiping $3 billion off its market worth. Kia shares tumbled about 15 %, amounting to a $5 billion hit.
“Hyundai Motor is getting requests from multiple companies for cooperation in joint development of autonomous, electric vehicles but nothing has been decided since it’s in an early stage,” the company stated in a regulatory submitting.
“Hyundai Motor is not in talks with Apple on Autonomous vehicle development,” it added.
Kia, the second-largest car producer in South Korea behind Hyundai, made a comparable submitting. The agency stated it was reviewing prospects of cooperating with “multiple companies overseas” to develop self-driving electrical vehicles, however nothing has been determined. Kia additionally stated it was not in talks with Apple.
Since Hyundai confirmed it was in early-stage talks with the iPhone maker in January, Kia shares jumped 62 %. According to Reuters, inside opposition at Kia and Hyundai has been “considerable” because the preliminary affirmation talks with Apple.
Apple and Hyundai first began talks over a car partnership in 2018, however progress was hampered by the automaker’s reticence on working with outsiders, nameless sources instructed Reuters.
The Post reported in December that Apple was shifting ahead with self-driving car expertise, together with its personal breakthrough battery expertise as early as 2024.