Hyundai Motor Co. said Sunday that, contrary to several reports, it did not with Apple Inc. is in talks to develop an autonomous electric motor.
In a regulatory application, the South Korean carmaker said it wanted to clear up “rumors” about a joint effort with Kia Motors Corp to work with Apple AAPL,
and said they had received ‘requests for co-operation’ from a number of companies wishing to develop self-driving electric vehicles.
“We are not consulting with Apple on the development of autonomous vehicles,” Hyundai said according to the translation.
Hyundai said the various talks over an autonomous electric vehicle were in the early stages and no decision has been made yet.
Hyundai part 005380,
fell more than 6% in Korean trade after the submission.
Reports on the joint venture appeared last week, with reports that the car would be built in a Kia factory in Georgia. Hyundai holds a 38% controlling interest in Kia 000270,
Bloomberg News reported on Friday that talks between Apple and the Korean carmakers were interrupted, apparently because Apple was upset because the news about the secret negotiations was leaked by Hyundai. Bloomberg reports that it is unclear when – or whether – the talks will resume.
Hyundai originally confirmed the negotiations in early January and its shares soared. Apple has been working for years on developing autonomous vehicles in one form or another, always under strict strict secrecy.