Hyundai And Kia Deny Talks About Developing The Apple Car

Hyundai Motor, together with affiliate Kia Motors have come out to clarify about speculations of themselves and Apple Inc. making cars together. 

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. A very short-lived rally indeed.   

About a month ago, news of Apple having talks with Hyundai Motor about building an Apple-branded car surfaced. Although Hyundai officially stated nothing specific, a local news broadcaster said Apple suggested the tie-up and Hyundai was reviewing the terms.

Three weeks later, the rumour mill gained momentum and Kia got into the spotlight. Kia Motors could be manufacturing the new proposed self-driving vehicle in its Georgia facility in the US after rumours of Apple Inc. investing as much as USD 3.6 billion into the electric car project that is planned for public sale by 2024. 

Apple Inc. themselves also have never acknowledged any talks with any carmaker on the possibility of a producing a car.