Automakers Hyundai Motor and Kia have denied plans to build electric vehicles with Apple: negotiations on the development of an autonomous vehicle are not under way, CNBC reports. As a result, Kia shares on the Seoul Stock Exchange plummeted more than 15 percent during trading on Monday, February 8. Hyundai Motor shares fell four percent.
Hyundai and Kia have said they have received requests from “multiple companies” for collaboration to jointly develop autonomous electric vehicles, but nothing has been decided yet as discussions are at an early stage.
Earlier in February, it was reported that Apple will invest about $ 3.6 billion in a joint project with Kia (part of Hyundai Motor Group). The joint venture is expected to reach an operating capacity of 100,000 electric vehicles by 2024, with the potential to expand capacity to 400,000 vehicles per year.
The final part of the deal was supposed to take place on February 17th. Amid the news, Kia shares soared more than 14 percent to break a 1997 record to surpass 102,000 won (about $ 9.14).