Hyundai Motor Co. said Sunday that, unlike several reports, it is not in talks with Apple Inc. to develop a standalone 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,
and said it has received “requests for cooperation” from several companies that want to develop autopilot electric vehicles.
“We do not consult with Apple on the development of autonomous vehicles,” Hyundai said in the presentation, according to a translation.
Hyundai said its various talks about a standalone electric vehicle were in the early stages and nothing has been decided yet.
Hyundai shares 005380,
fell more than 6% in Korean trade after the presentation.
Reports from the joint venture surfaced last week and it was reported that the car would be built at a Kia factory in Georgia. Hyundai owns 38% of the control of Kia 000270,
Bloomberg News reported Friday that negotiations between Apple and Korean carmakers had been stalled, apparently because Apple was upset that Hyundai had leaked news of the secret negotiations. Bloomberg reported that it was unclear when or if talks would resume.
Hyundai had originally confirmed the negotiations in early January, sending its shares soaring. Apple has been working for years on the development of autonomous vehicles in one way or another, always under a layer of strict secrecy.