Hyundai, Kia Say They Do not Discuss To Apple About Autonomous Automobiles By Reuters

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© Reuters. FILE PHOTO: Automakers display their merchandise in the North American International Auto Show exhibit space in Detroit

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SEOUL (Reuters) – Hyundai Motor Co of South Korea announced on Monday that there are currently no talks with Apple Inc (NASDAQ 🙂 about autonomous electric vehicles with the tech giant.

Shares of Hyundai and its subsidiary Kia Corp were down 6.6% and 14%, respectively, from 0204 GMT, while the broader market benchmark fell 1%.

Hyundai and Kia said in separate submissions, “We are not in discussions with Apple about developing autonomous vehicles.”

In early January, the shares of both automakers rose after Hyundai said, “Apple and Hyundai are under discussion, but nothing has been decided as it is in its early stages.” So far this year, Hyundai shares are up more than 20%, while Kia is up 40% after reports that they may be building 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 and batteries in U.S. factories operated by either Hyundai or Kia by 2027.

However, the automaker pulled back on the same day, posting subsequent statements that removed all mentions of Apple. However, Hyundai received “requests to collaborate on the joint development of autonomous electric vehicles from different companies” without identifying any.

Apple has never confirmed conversations with the automaker about building vehicles and was not immediately available for comment outside of business hours in the US.

Reuters reported in December that Apple is driving autonomous vehicle technology and is planning to produce a car by 2024 that could contain its own breakthrough battery technology.

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