Hyundai, Kia deny Apple car talks, send shares tumbling

SEOUL (AFP) – South Korean automaker Hyundai and its affiliate Kia yesterday denied news reports they were in talks with Apple for a joint project to make autonomous vehicles, sending their shares tumbling.

The announcement came about a month after the country’s cable broadcaster Korea Economic TV said the iPhone maker had approached Hyundai to discuss a potential partnership to develop electric vehicles and batteries for them, sending the carmaker’s shares soaring.

Reports last week suggested they could produce cars in the United States (US) state of Georgia.

But yesterday, Hyundai and Kia said in regulatory filings they were “not discussing autonomous electric car development with Apple”.

Both carmakers added that they had talked with multiple firms about such projects, but no decision had been made.

Hyundai said those talks were in their “early stages”.