Apple cars: Hyundai and Kia, South Korea, say they do not talk to the iPhone manufacturer about autonomous vehicles

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“We are not holding talks with Apple on autonomous car development,” Hyundai said in a statement.

The statement added that Hyundai has received requests from “numerous companies” on the development of electric cars with automatic driving, but that “no decision has been made as we are in the initial phase.”

Kia Motors, owned by Hyundai, referred CNN Business to the statement of its parent company.

Apple declined to comment.

The announcement shook investors who had opted for some sort of link between the companies based on weeks of speculation and local news. Shares of Kia fell 13%, on the brink of the worst day since 2008. Hyundai shares fell 5.6%.

The country’s media reported last week that Kia was closing a major deal with Apple for a partnership to build a new vehicle, which sent Kia shares to its best day in more than two decades.
That’s why Apple could choose Hyundai for its iCar
And last month, Hyundai (HYMTF) It was reported that he was in discussions with the iPhone maker to develop electric cars. News of the time propelled Hyundai’s stock, also at its peak in at least two decades.

Apple’s interest in South Korean carmakers made sense. Analysts have noted that Hyundai has been open to joining forces with other companies and even technology companies; it already has partnerships with Chinese search giant Baidu and US self-driving Nvidia chip maker, for example.

The automaker has also made significant strides in next-generation vehicles, including cars with hydrogen fuel cells and an electric vehicle manufacturing platform it introduced in December.

But Apple may also choose to establish several partnerships, with analysts floating other major vehicle manufacturers, such as Honda, Tata Motors’ Jaguar Land Rover, and Geely, the Chinese owner of Volvo, as possible options.

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