Kia, Hyundai Reveal They Aren’t in Discussions With Apple Over EV Production

Last week, Bloomberg suggested that Apple was in discussions with Kia and its affiliate, Hyundai, regarding a potential collaboration for the phone manufacturer’s highly-anticipated entrance into the EV market. However, it appears that both South Korean automakers on Monday revealed that no such talks are currently taking place.

According to regulatory filings published on Monday, both companies acknowledged that they were in dialogue with several companies regarding autonomous EVs, but a decision has not been made thus far. “Hyundai Motor is not in talks with Apple on autonomous vehicle development,” the filing added, which later translated by CNBC. Shares of Kia and Hyundai dropped by 15% and 6.2%, respectively, following the news.

Last month, Hyundai initially noted that it was in early-stage discussions with Apple regarding its autonomous EV plans, but later revised the statement to exclude any mention of the iPhone maker. At the time, shares of both Hyundai and Kia, as well as their affiliates, soared. In early February, Bloomberg announced that Apple was close to finalizing a deal with Kia to begin production of Apple’s autonomous vehicles at Kia’s assembly plant in West Point, Georgia. However, sources close to the matter later revealed that the agreement has not been finalized, and that Apple may ultimately decide to partner with yet a different automaker.

Information for this briefing was found via Bloomberg and CNBC. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.