Not Making Electric Vehicles With Apple, Hyundai And Kia Shares Slipped

JAKARTA - South Korean automaker Hyundai Motor Co. announced that it is not in talks with Apple Inc. regarding the manufacture of autonomous electric vehicles on Monday, February 8 local time.

The statement, issued a month after the announcement of an initial stage of talks about a planned cooperation with technology executives, saw Hyundai's stock slip.

Hyundai and its affiliate Kia Corp. shed 6.6 percent and 14 percent, respectively. This is because both Hyundai and Kia have announced that they are not in talks with Apple about developing autonomous vehicles.

To note, the shares of Hyundai and Kia have skyrocketed this year, along with the announcement of the two automakers' work plans with Apple. Hyundai's stock value is known to have jumped more than 20 percent, while Kia's stock value has skyrocketed to 40 percent.

Local media had made a report regarding Apple's discussion with Hyundai to develop an autonomous electric vehicle by 2027. As well as, developing batteries in US plants operated by Hyundai or Kia.

"Apple and Hyundai are in discussion, but as they are still at an early stage, nothing has been decided yet," the report said in January.

On the same day, a statement issued removing any mention of the word 'Apple', saying only that Hyundai had received requests for cooperation in joint development of autonomous electric vehicles from various companies, without naming a single name.

Apple itself has never acknowledged talks with automakers about making vehicles, and was not immediately available for comment outside working hours in the United States.