Hyundai, Kia Say They're Not in Talks With Apple on Autonomous Cars

Hyundai had said in January that it is in “early” talks with Apple on self-driving vehicles.

By Reuters | Updated: 8 February 2021 10:14 IST

Hyundai, Kia Say They're Not in Talks With Apple on Autonomous Cars

Photo Credit: Unsplash

Apple has never acknowledged talks with the automaker about building vehicles

Highlights

In early January, shares in both automakers surged
Hyundai was "getting requests for cooperation on joint development
Reuters had reported Apple was moving forward with autonomous car tech

South Korea's Hyundai Motor said on Monday it is not now in talks with Apple on autonomous electric vehicles, sending the automaker's shares skidding a month after it said it was in early-stage talks on cars with the tech giant.

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

In separate regulatory filings, Hyundai and Kia both said, "We are not having talks with Apple on developing autonomous vehicles."

Apple, Hyundai Could Soon Sign Self-Driving Electric Car Deal

In early January, shares in both automakers surged - after Hyundai said, "Apple and Hyundai are in discussion, but as it is at early stage, nothing has been decided." So far this year, Hyundai shares have surged more than 20 percent, while Kia has rocketed 40 percent on reports they may build an Apple car.

The comment came in response to a local media report that Apple and Hyundai were in discussions to develop self-driving electric vehicles by 2027 and develop batteries at US factories operated by either Hyundai or Kia.

But the automaker backtracked the same day, releasing subsequent statements that removed all mentions of Apple but said Hyundai was "getting requests for cooperation on joint development of autonomous electric vehicles from various companies", without identifying any of them.

Hyundai Wrestles With the Risks of Embracing Apple

Apple has never acknowledged talks with the automaker about building vehicles, and wasn't immediately available for comment outside business hours in the United States.

Reuters reported in December that Apple was moving forward with autonomous car technology and aimed to produce a passenger vehicle that could include its own breakthrough battery technology as early as 2024.

Hyundai Confirms Talks With Apple, May Cooperate on Electric Cars

© Thomson Reuters 2021

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