Earlier we reported that Apple and South Korean automaker Hyundai in collaboration with its sister brand Kia are in talk to make the Apple car but new reports has it that the deal might be off the table according to Blomberg or at least there was never such talk to begin with as the automaker has acknowledged that it was in talk with multiple brands about making an electric and autonomous vehicle but Apple isn’t one of them.
The South Korean carmakers have been talking with multiple companies about autonomous electric car development, but no decision has been made, they said in regulatory filings Monday. Hyundai said the discussions are in early stages. Hyundai shares fell as much as 8.4% in Seoul, while Kia slumped 15.3%.
With the new announcement, the company’s stock has plumbed after there was a progressive jump when the rumor about the partnership first started. The older rumor was that Kia would make the Apple car in the Georgia, United States with further reports having it that the automaker even received some US$3.6 billion investment from Apple in order to support the project’s development.
The iPhone maker plans to set up production with Kia and build Apple cars at the automaker’s facility in Georgia, U.S., DongA Ilbo reported, without citing anyone. The companies may sign a deal on Feb. 17 and aim to introduce Apple cars in 2024, according to the newspaper, which said they have an initial target to produce 100,000 autos a year.
With the latest report, Hyundai shares fell as much as 8.4% in Seoul while Kia dropped by 15.3%. The rumor about the partnership between Apple and Kia has been in the news for a while but the latest report might mean the deal is off or just an attempt to make things secret which Apple is also known for considering the fact that Hyundai/Kia had earlier release a similar statement in January after initial reports broke of the potential partnership between the two companies.