SEOUL (Reuters) – South Korea’s Hyundai Motor Co. and Kia Corp on Monday said they are not in talks with Apple Inc. about developing autonomous vehicles, putting down their shares.
In early January, Korea Economic Daily TV reported that Apple and Hyundai were in talks to develop self-driving electric vehicles by 2027 and develop batteries at U.S. factories operated by Hyundai or its Kia Corp. affiliate.
Shares of Hyundai and Kia traded down 6.8% and 13.6% respectively as of 1216 GMT compared to the broad market of 0.6% decline at KOSPI.
So far this year, Hyundai has raised 30%, and Kia has collected 63% on reports that they could build an Apple car. Apple has never admitted talks with the automaker about building vehicles.
Reuters reported in December that Apple was moving forward with autonomous car technology and was aiming to introduce a passenger vehicle that could incorporate the battery technology own bankruptcy as early as 2024.