Seoul — South Korea’s Hyundai said on Monday it is not now in talks with Apple on autonomous electric cars, just a month after it confirmed early-stage talks with the tech giant, sending the carmaker’s shares skidding.
“We are receiving requests for co-operation in joint development of autonomous electric vehicles from various companies, but they are at early stage and nothing has been decided,” the carmakers said on Monday, in compliance with stock market rules requiring regular updates to investors regarding market rumours.
Though shares in Kia and Hyundai had surged on news of the talks, internal opposition to becoming an Apple contract manufacturer was considerable, according to people familiar with the matter. Reuters reported in December that Apple was moving forward with autonomous car technology and aimed to produce a passenger vehicle that could include its own breakthrough battery technology as early as 2024.