Hyundai denies negotiations with Apple to make autonomous cars
Hyundai Motor and its affiliate Kia said they are not in talks with Apple about developing self-driving cars.
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The regulatory filing from Hyundai and Kia, which came as a disappointment for investors on Monday, included a statement saying the pair had been talking with multiple companies about working together to develop self-driving electric vehicles, but that no decisions had yet been taken.
According to the Financial Times, Hyundai has laid out plans to boost EV sales 60% this year by launching new models based on its own dedicated platform.
In January, Hyundai said it had been negotiating with Apple about the possibility of jointly manufacturing autonomous vehicles.
The rumours of a possible partnership also included an investment from Apple worth $3.6bn in Kia’s plant in Georgia to build the new vehicles.
Shares of both companies had risen on the speculation over the past few weeks.
As a result of the regulatory filing on Monday, Hyundai shares fell more than 6% while Kia stock fell 15%.