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Sunday, March 3, 2024

Hyundai, Kia shares tumble after automakers say they’re not in talks with Apple to develop a car

  • Shares of Hyundai Motor and Kia Motors fell 6.21% and about 15% respectively during Monday trade.
  • In regulatory filings on Monday, both companies said they were not in talks with Apple to develop a car, following media reports that the iPhone maker was looking to the South Korean automakers to develop a self-driving car.
  • Hyundai and Kia said they were getting requests from "multiple companies" for cooperation to jointly develop autonomous, electric vehicles but that nothing has been decided since the discussions are in early stage.

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