Apple’s talks with Hyundai-Kia collapse

The carmaker Hyundai-Kia says it is not having any more talks with Apple on building autonomous electric cars, despite reports suggested they were pushing towards a deal.

Reuters reports the companies announced, “We are receiving requests for cooperation in joint development of autonomous electric vehicles from various companies, but they are at early stage and nothing has been decided. We are not having talks with Apple on developing autonomous vehicles.”

The news agency adds that this has wiped $3 billion off Hyundai’s market value, with its stock sliding 6.2%. Shares in Kia fell 15% – which Reuters says is a $5.5 billion hit.

Reuters adds that there have been “weeks of internal divisions at Hyundai Motor Co Group” – parent to both automakers – about the potential tie-up, saying some executives were concerned about becoming a contract manufacturer for Apple.

(Picture – logos of Hyundai and Apple)

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