Hyundai & Kia Deny Apple Talks

Issue 57

02.08.21 - "We are not having talks with Apple about developing self-driving cars," Hyundai recently said in a statement that was released to the press.

Shares of Hyundai and Kia plunged on after the news broke that the two South Korean car makers were not in talks with Apple to develop a self-driving car. The statement that was released also added that Hyundai has been receiving many requests from "numerous companies" about the prospect of developing self-driving, electric vehicles. Hyundai added that "no decision has been made as we are in the beginning stage."                                                                                                                                                                              
Apple declined to comment on the issue to reporters.

Apple has the option to partner with multiple different auto-manufacturers, such as Honda, Tata Motors' Jaguar Land Rover, and Geely - the Chinese owner of Volvo - as potential options.

Interest from Apple in South Korea's car manufacturers makes sense, and many have been eager to point out that Hyundai has been looking for a partnership with other companies and even open to joining forces with tech firms. The company has already established partnerships with the Chinese search giant Baidu and US chipmaker Nvidia on autonomous driving and many saw Apple has an ideal partner to take the project to the next stage.

Source: Bloomberg