Apple’s search for an autonomous vehicle partner continues. Who he could choose.

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Apple’s search for an automaker to join the autonomous vehicle construction tech giant’s project continues, following reports that talks have dissolved with

Nissan.

Shares of the Japanese auto giant fell nearly 3% in Tokyo trading.

Apple

The shares were not traded in the United States on Monday due to the President’s holiday.

The comeback story. There has been speculation about Apple’s vehicle ambitions since 2015, when the Wall Street Journal reported it was preparing to take on Tesla. The iPhone maker has been very secretive about its plans for the “Project Titan,” confirmed in 2016, which has evolved to encompass autonomous and self-driving electric vehicles.

Analysts suspected the Silicon Valley giant would partner with an existing automaker to break into the capital-intensive auto industry.

On February 8, Korean automakers

Hyundai

and

This

said they were no longer in talks with Apple on an autonomous electric vehicle project, following widespread speculation from the press and analysts that a deal was near. The news had lowered Hyundai shares by more than 6% and Kia shares by 15%, wiping out a combined market value of $ 8.5 billion from the two companies.

The next day, Nissan CEO Makoto Uchida was pressed to ask if the company had been approached by Apple about a collaboration. Uchida avoided going directly to Apple, but said Nissan could partner with tech companies to build the next generation of cars.

Also read:An Apple car could disrupt the auto industry as much as the iPhone Upended Tech. Here is what you need to know.

What’s up. Nissan confirmed on Monday that it was not in talks with Apple, but said it was open to exploring collaborations and partnerships to accelerate the auto industry.

The Financial Times had earlier reported that there had been discussions between the two groups over a partnership, but talks were stuck on a possible branding strategy. According to the report, discussions did not reach senior management levels.

A source close to Nissan told Agence France-Presse that “when you make a product under the Apple brand, you give your soul – and your profit margins – to Apple,” and Nissan was “not interested in give Apple the best we have to offer. “

More:Apple iCar is a terrible idea. Here’s why.

Look forward. It makes sense for Apple to partner with a powerful automaker to make its dreams of electric vehicles come true. With Nissan crossed out, after Hyundai and Kia, this list is shrinking.

On February 7, just before Hyundai and Kia confirmed they weren’t involved with Apple, veteran technology analyst Daniel Ives of investment firm Wedbush said it was a matter of “when not. so ”Apple has entered the electric vehicle race. Ives estimates an 85% chance that the tech giant will announce a relevant partnership or collaboration in the next three to six months.

Ives chose Hyundai as the most likely choice, with

Volkswagen Group

—Which also makes Audi and

Porsche

– as the next best bet. With Hyundai absent, investors should keep an eye on the German giant. The analyst also floated Tesla and

Ford

as possible candidates.

Barron’s has contacted Apple and Nissan for comment.