South Korea’s Hyundai said on Monday it is now not in talks with Apple on autonomous electric cars, just a month after it confirmed early-stage talks with the tech giant, sending the automaker’s shares skidding.
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Kia Motors jumped as much as 14.5% after a local media report that Apple will invest the equivalent of $3.6-billion as part of a collaboration with the Korean car maker on making electric vehicles.
Hyundai said on Friday it was in early talks with Apple after a domestic broadcaster said the firms were discussing an electric car and battery tie-up, sending Hyundai shares surging 25%.
Hyundai Motor Group said on Wednesday that it will introduce an electric vehicle-only platform early next year that will use its own battery technology to cut production time and costs.