Hyundai, Kia Say They’re Not in Talks With Apple on Autonomous Automobiles

South Korea’s Hyundai Motor mentioned on Monday it’s not now in talks with Apple on autonomous electrical automobiles, sending the automaker’s shares skidding a month after it mentioned it was in early-stage talks on vehicles with the tech large.

Shares in Hyundai and its affiliate Kia slumped 6.6 % and 14 % respectively as of 0204 GMT whereas the broader market KOSPI benchmark dropped 1 %.

In separate regulatory filings, Hyundai and Kia each mentioned, “We aren’t having talks with Apple on creating autonomous automobiles.”

In early January, shares in each automakers surged – after Hyundai mentioned, “Apple and Hyundai are in dialogue, however as it’s at early stage, nothing has been determined.” To this point this yr, Hyundai shares have surged greater than 20 %, whereas Kia has rocketed 40 % on studies they could construct an Apple automobile.

The remark got here in response to a neighborhood media report that Apple and Hyundai had been in discussions to develop self-driving electrical automobiles by 2027 and develop batteries at US factories operated by both Hyundai or Kia.

However the automaker backtracked the identical day, releasing subsequent statements that eliminated all mentions of Apple however mentioned Hyundai was “getting requests for cooperation on joint improvement of autonomous electrical automobiles from numerous firms”, with out figuring out any of them.

Apple has by no means acknowledged talks with the automaker about constructing automobiles, and wasn’t instantly out there for remark outdoors enterprise hours in the USA.

Reuters reported in December that Apple was shifting ahead with autonomous automobile know-how and aimed to provide a passenger car that might embody its personal breakthrough battery know-how as early as 2024.

© Thomson Reuters 2021

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