Korean car manufacturers Hyundai (OTC: HYMTF) and Kia says that an agreement to build cars for technological giants appeal (NASDAQ: AAPL) – which was already expected next week – does not happen.
Rrecent reports have suggested that an Apple-designed electric vehicle could be manufactured in a factory in Georgia owned by Kia, and that an agreement could be announced as early as next week. Hyundai confirmed in January that it had talked to Apple about the possibility.
But in a case filed with South Korean regulators on Monday, the companies said they were no longer talking to Apple.
Reports have suggested that Apple’s car may use an architecture for electric vehicles developed by Hyundai. Image Source: Hyundai Motors.
“We are receiving requests for cooperation in the joint development of autonomous electric vehicles from different companies, but this is at an early stage and nothing has been decided. We are not holding talks with Apple on the development of autonomous vehicles,” the companies said.
Reuters reported that Hyundai executives tore up cooperation with Apple over concerns that the arrangement could lead to it becoming nothing more than a contract maker, similar to Foxconn‘s role at Apple.
Kia’s shares have risen more than 60% since Hyundai confirmed talks with Apple in January. Shares of both Kia and Hyundai declined sharply in trading in Seoul, South Korea on Monday.