Last Friday, it was reported Apple’s discussions with Hyundai Motor Group had paused, but now it appears talks have officially come to a halt.
The Wall Street Journal reported on late Sunday the talks aren’t happening anymore, as Hyundai and Kia noted in regulatory filings they are “not in talks with Apple over developing an autonomous vehicle.”
It was said Apple would have Kia’s plant in Georgia build its autonomous electric vehicle, with production slated for 2024. The rumours sent shares of Hyundai and Kia soaring over the past few weeks, but now that has changed.
The news of talks no longer happening sent shares of Hyundai Motor down 6%, and Kia down even further at 13%.
Apple has been said to have initiated talks with other potential Japanese partners, even as Hyundai/Kia deal was still being ironed out.
With other automakers busy trying to build out their electric vehicle fleets to catch up with Tesla, Apple still is seeking out a third party partner for its autonomous car plans.
It’s unclear if the same manufacturing model Apple is using for the iPhone can be applied to electric cars. It could also be possible Apple was using Hyundai/Kia as a bargaining chip for actual partners it wanted to pursue?