Hyundai Puts KIA-Apple Rumors to Bed

Contrary to several reports, Hyundai Motor Co. said this past weekend that it is not in discussions to develop an autonomous electric car with Apple Inc.

The South Korean automaker said in a regulatory filing that it wanted to clarify “rumors” regarding a joint effort with Kia Motors Corp. to work with Apple. The automaker reveled that it has received “requests for cooperation” from several companies looking to develop self-driving EVs. Hyundai confirmed saying “We are not conducting consultations with Apple on the development of autonomous vehicles.” Hyundai did say that it is in various talks regarding the development of autonomous EVs but they are all in the early stages and nothing has been finalized yet.

Last week with information surfaced that indicated KIA and Apple would form an agreement valued at 3.6 billion dollars, which would be invested into a KIA factory in Georgia.

Bloomberg News reported Friday that talks between the two companies had been put on hold, some speculating the pause was due to the fact that Apple was upset that news of the negotiations had been leaked by Hyundai. No information was given on whether or not the two companies would resume negotiations.

Rumors of the joint venture first surfaced in early January when Hyundai confirmed the negotiations causing the automaker’s stock skyrocket. Rumors surrounding Apple’s efforts to develop a fully autonomous vehicle have been surfacing for years but the multinational technology company has been notoriously hush-hush regarding any details.

Recent reports from Reuters claimed the Apple Car could see production as early as 2024, however, a reliable Apple analyst Ming-Chi Kuo, said he “would not be surprised” if the Apple Car doesn’t arrive until “2028 or later.”

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