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Korean automakers Hyundai (OTC: HYMTF) and This say that a deal to build cars for the tech giant Apple (NASDAQ: AAPL) – which was expected as early as next week – is not happening.
RRecent reports had suggested that an Apple-designed electric vehicle could be manufactured at a Georgian factory owned by Kia, and that a deal could be announced as early as next week. Hyundai confirmed in January that it had held talks with Apple about the possibility.
But in a filing with South Korean regulators on Monday, the companies said they were no longer speaking with Apple.
Reports had suggested that Apple’s car could use an electric vehicle architecture developed by Hyundai. Image source: Hyundai Motors.
“We are receiving requests for cooperation in the joint development of autonomous electric vehicles from various companies, but they are at an early stage and nothing has been decided. We are not halving discussions with Apple on vehicle development. autonomous, ”the companies said on the record.
Reuters reported that Hyundai executives were torn over whether to cooperate with Apple, fearing the deal would lead it to become nothing more than a contract manufacturer, similar FoxconnApple’s role.
Kia shares had gained more than 60% since Hyundai confirmed talks with Apple in January. Shares of Kia and Hyundai fell sharply on Monday in trading in Seoul, South Korea.
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