Apple automobiles: South Korea’s Hyundai and Kia say they are not chatting to Apple iphone maker about self-driving automobiles

“We are not owning talks with Apple about acquiring self-driving autos,” Hyundai reported in a…

“We are not owning talks with Apple about acquiring self-driving autos,” Hyundai reported in a statement.

The assertion extra that Hyundai has received requests from “several companies” about acquiring self-driving electric cars and trucks, but that “no choice has been produced as we are in the beginning phase.”

Kia Motors, which is component of the Hyundai Motor Group, referred CNN Business enterprise to its father or mother company’s statement.

The announcement jolted investors who had been betting on some variety of tie-up involving the firms primarily based on months of speculation and nearby information stories. Kia’s inventory plummeted almost 15%, its worst working day because at the very least 2001, according to facts provider Eikon Refinitiv. The slide wiped $5.4 billion off its industry worth.

Hyundai’s inventory fell 6.2%, getting rid of about $2.8 billion in current market price.

News media in the place described just previous 7 days that Kia was closing in on a significant deal with Apple for a partnership to make a new auto, sending Kia’s inventory to its most effective day in additional than two a long time.
And final month, Hyundai (HYMTF) was described to be in conversations with the Iphone maker to acquire electric powered automobiles. The information at the time propelled Hyundai’s shares, also to their finest working day in at minimum two decades.

Fascination from Apple in South Korea’s automakers produced feeling. Analysts have pointed out that Hyundai has been open to becoming a member of forces with other businesses and even tech corporations it previously has partnerships with with Chinese research giant Baidu and US chipmaker Nvidia on autonomous driving, for illustration.

The automaker has also previously designed substantial strides on subsequent-generation automobiles, such as hydrogen gasoline-cell cars and an electrical motor vehicle manufacturing system it unveiled in December.

But Apple may well also select to enter various partnerships, with analysts floating other major carmakers such as Honda, Tata Motors’ Jaguar Land Rover and Geely, the Chinese owner of Volvo, as probable alternatives.