SEOUL (Reuters) – South Korea’s Hyundai Motor Co said on Monday it is not in talks with Apple Inc (NASDAQ 🙂 on autonomous electric vehicles, sending the automaker’s shares plummeting a month after it said. which was in the early stages of the car talks. with the tech giant. Shares of Hyundai and its subsidiary Kia Corp fell 6.6% and 14%, respectively, at 0204 GMT, while the broader market benchmark fell 1%. In separate regulatory filings, Hyundai and Kia said: “We are not in discussions with Apple about the development of autonomous vehicles.” In early January, the shares of both automakers rose, after Hyundai said that “Apple and Hyundai are in discussion, but since it is in an early stage, nothing has been decided.” So far this year, Hyundai’s shares are up more than 20%, while Kia has soared 40% based on reports that they could make an Apple car. The comment came in response to a local media report that Apple and Hyundai were in talks to develop autonomous electric vehicles by 2027 and develop batteries at US factories operated by Hyundai or Kia. But the automaker backed down on the same day, releasing subsequent statements that removed all mentions of Apple, but said Hyundai was “receiving requests for cooperation for the joint development of autonomous electric vehicles from several companies,” without identifying any of them. . Apple has never acknowledged talks with the automaker about building vehicles and was not immediately available for comment outside of business hours in the United States. Reuters reported in December that Apple was advancing autonomous car technology and aimed to produce a passenger car that could include its own advanced battery technology beginning in 2024.
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