Apple has not reported any talks with Hyundai Co.
The South Korean Company Hyundai Motor Co and Kia Corp said on Monday they are not in talks with Apple Inc on developing autonomous vehicles, sending their shares tumbling.
In early January, Korea Economic Daily TV reported Apple and Hyundai were in discussions to develop self-driving electric vehicles by 2027 and develop batteries at U.S. factories operated by either Hyundai or its affiliate Kia Corp.
Shares of Hyundai and Kia were trading down 6.8% and 13.6% respectively as of 1216 GMT versus the broader market KOSPI’s 0.6% drop.
So far this year, Hyundai has advanced 30%, while Kia has rallied 63% on reports they may build an Apple car. They have never acknowledged talks with the automaker about building vehicles.
Source: FOX News
Also read: Hyundai Stock Skyrockets to all-time High
