Hyundai Motor Co. said Sunday that, contrary to various reports, it is not in talks with Apple Inc. to develop an autonomous electric car. In a regulatory filing, the South Korean automaker said it wanted to clear up “rumors” about a joint effort with Kia Motors Corp. to work with Apple AAPL, -0.31%, and said it has received “requests for cooperation “of various companies seeking to develop autonomous electric vehicles.
“We are not consulting with Apple on the development of autonomous vehicles,” Hyundai said at the presentation, according to a translation. Hyundai said its various conversations about an autonomous electric vehicle were in the early stages and nothing has been decided yet. Hyundai shares 005380, -6.01% fell more than 6% in Korean trading after the presentation. Reports from the joint venture emerged last week, with reports saying the car would be made at a Kia factory in Georgia. Hyundai owns a 38% controlling stake in Kia 000270, -13.69%. Bloomberg News reported Friday that talks between Apple and Korean automakers had stopped, apparently because Apple was upset that Hyundai had leaked the news of the secret negotiations. Bloomberg reported that it was unclear when, or if, the talks would resume. Hyundai had originally confirmed the negotiations in early January, sending its shares skyrocketing. Apple has been working on the development of autonomous vehicles in one form or another for years, always under a cloak of strict secrecy.