Hyundai Motor, together with affiliate Kia Motors have come out to clarify about rumours of themselves and Apple Inc. forming a partnership to develop and build a car.
Both companies, through regulatory filings translation seen by CNBC, have said that they are not in talks with Apple on autonomous vehicle development.
“Hyundai Motor is getting requests from multiple companies for cooperation in joint development of autonomous, electric vehicles but nothing has been decided since it’s in early stage,” said Hyundai Motor in the statement.
The news has sent share prices of both companies tumbling in South Korea, a total opposite when news of the proposed joint venture first surfaced.
About a month ago, news of Hyundai Motor and Apple having talks about building an Apple-branded car had emerged. Although Hyundai officially stated nothing specific, a local news broadcaster said Apple suggested the tie-up and Hyundai was reviewing the terms.
As recent as last week, another news report said Kia could be manufacturing the new proposed self-driving vehicle in its Georgia facility in the US. Apple Inc. is rumoured to be investing as much as USD 3.6 billion into Kia Motors on the electric car project that is scheduled to be on sale by 2024.
Apple Inc. themselves also have never acknowledged any talks with any carmaker on the possibility of a producing a car.
Source : CNBC