Apple Car Talks Aren't Happening, Say Automakers Hyundai, Kia
Hyundai Motor and its affiliate Kia Motors said that they aren't in talks with Apple to develop an autonomous vehicle, responding to intense speculation about the potential new product by the maker of the iPhone. From a report: Apple paused discussions with Hyundai and Kia weeks ago about building an electric vehicle, people familiar with the matter told Bloomberg late last week. The Cupertino, California-based company has discussed similar plans with other auto manufacturers, the people added, asking not to be identified because the information isn't public. The South Korean carmakers also said in regulatory filings Monday they were in talks with multiple companies about autonomous EVs, but that no decision has been made. Shares of Hyundai, which said discussions with partners were in early stages, fell 6.2% in Seoul, while Kia slumped 15%. Reports surrounding Apple's possible foray into the global market for automobiles re-emerged recently after going quiet since development first began in 2015. Apple has sought to keep its plans for an EV shrouded in secrecy, given the project's potential to upend the industry -- similar to how its iPhones have shaken up the consumer-electronics market. There are now millions of design-conscious shoppers globally devoted to the tech giant.
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