Hyundai Motor Company said on Sunday that, contrary to many reports, it is not in discussions with Apple Inc. to develop an autonomous electric car.
In a regulatory filing, the South Korean auto maker said it wanted to clarify “rumors” about a joint effort with Kia Motors Corp to work with Apple AAPL,
And said it has received a “request for cooperation” from several companies seeking to develop self-driving electric vehicles.
According to the translation, Hyundai stated in the filing, “We are not consulting with Apple on the development of autonomous vehicles.”
Hyundai said various talks about an autonomous electric vehicle were in the early stages and nothing has been decided yet.
Hyundai shares 005380,
Korean trade fell more than 6% after the filing.
Reports of the joint venture surfaced last week, with reports suggesting the car would be manufactured at a Kia factory in Georgia. Hyundai holds a 38% stake in Kia 000270,
Bloomberg News reported on Friday that negotiations between Apple and Korean auto makers had been halted, apparently because Apple was upset that news of secret talks by Hyundai had been leaked. Bloomberg reported that it was unclear when and why the negotiations would begin.
Hyundai originally confirmed the talks in early January, with its shares skyrocketing. Apple has been working on developing autonomous vehicles in one form or another for years, always under a layer of strict secrecy.