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No Talks As Of Now With Apple On Autonomous Cars, Says Hyundai And Kia


02/08/2021


No Talks As Of Now With Apple On Autonomous Cars, Says Hyundai And Kia
After weeks of speculations in the media about a possible partnership between the South Korean auto giant Hyundai Motor Co and the iPhone maker Apple for making self-driving cars, which also propped up the stocks of the car maker, the South Korean company announced that it is no more in in talks with Apple Inc on autonomous electric vehicles.
 
That announcement sent the shares of the car maker down after a month since it had confirmed that it was in early stage talks for a partnership with the United States based tech giant,
 
There was a 6.6 per cent and 14 per cent drop in the shares of both Hyundai and its affiliate Kia Corp respectively while the broader market KOSPI benchmark dropped by 1 per cent. 
 
"We are not having talks with Apple on developing autonomous vehicles," Hyundai and Kia both said in separate regulatory filings.
 
But just about a month back, Hyundai had said "Apple and Hyundai are in discussion, but as it is at early stage, nothing has been decided" which resulted in investors pushing up the stocks of both the auto companies. 
 
Shares of Hyundai have surged by more than 20 per cent so far this year while a huge 40 per cent surge in the stocks of Kia was noted on the reports in the media of a possible partnership of Apple car.
 
That comment from Hyundai was made in response to a number of reports in the local media about a possible partnership between Apple and Hyundai and that the two companies were in discussions for joint development of self-driving electric vehicles by 2027 as well as for manufacturing of batteries at factories in the United States that were reported to be planned to be operated by either Hyundai or Kia.
 
However that very same day, the automaker backtracked and released subsequent statements that eliminated all mentions of Apple. The company however said that Hyundai was "getting requests for cooperation on joint development of autonomous electric vehicles from various companies". The company however did not identify any of them.
 
There has been no confirmation of any talks with the automaker about developing and making vehicles from Apple and no comment from the iPhone maker was available on reports of discussions throughout January. 
 
In December there were reports about Apple deciding to push ahead with its plans of development of autonomous car technology as the company reportedly aimed to come up with a passenger vehicle which could be using Apple’s own breakthrough battery technology as early as 2024.
 
(Source:www.usnews.com)


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