Hyundai

Apple Car Talks Aren’t Happening, Say Automakers Hyundai, Kia

(Bloomberg) —

Hyundai Motor Co. and its affiliate Kia Motors Corp. said that they aren’t in talks with Apple Inc. to develop an autonomous vehicle, responding to intense speculation about the potential new product by the maker of the iPhone.

Apple paused discussions with Hyundai and Kia weeks ago about building an electric vehicle, people familiar with the matter told Bloomberg late last week. The Cupertino, California-based company has discussed similar plans with other auto manufacturers, the people added, asking not to be identified because the information isn’t public.

Read more: Apple Talks With Hyundai, Kia on Electric Car Paused Recently

The South Korean carmakers also said in regulatory filings Monday they were in talks with multiple companies about autonomous EVs, but that no decision has been made. Shares of Hyundai, which said discussions with partners were in early stages, fell 6.2% in Seoul, while Kia slumped 15%.

Reports surrounding

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Hyundai and Kia pour cold water on potential car with Apple

Hyundai said on Monday that it is no longer in talks with Apple regarding the development of a future autonomous vehicle.

Hyundai said it “has received requests to co-develop autonomous electric vehicle from multiple companies but they were in the early stages and nothing was finalised.” It then explicitly mentioned Apple, saying it “is not in talks with Apple on development of an autonomous vehicle.”

Hyundai’s affiliate Kia, also an automobile manufacturer, and Hyundai Mobis, a car component-making subsidiary, made similar statements separately. Hyundai and Kia, combined, form the world’s fifth largest automobile manufacturer.

Over the weekend, Bloomberg reported that Apple had previously held talks with Hyundai and Kia about building an electric vehicle, but the discussions were recently paused. The report claimed that Apple was discussing similar plans with other automobile manufacturers besides Hyundai as well.

Last month, Hyundai confirmed that it was in talks with Apple to develop

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Apple Could Partner With Hyundai for Apple Car, Says Analyst

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Ming-Chi Kuo of TF Asset Management sees the Apple Car using a Hyundai design for the chassis. Kia will provide the U.S. production line, Kuo writes.


Eric Thayer/Getty Images

The Apple Car chatter got a little louder on Tuesday, after the closely followed analyst Ming-Chi Kuo wrote in a research note that he believes the company will collaborate with the Hyundai Group to build an

Apple

Car.

Kuo, an analyst with Taiwan-based TF Asset Management, writes that the Apple Car chassis will use Hyundai’s E-GMP design (the acronym stands for Electric-Global Modular Platform) and that Hyundai Mobis, an automotive systems supplier, is in charge of design and production for some components. He also says that

Kia

will provide the U.S. production line for the car. Kia’s only U.S. manufacturing plant is in West Point, Ga.

Kuo also writes that if the partnership with Hyundai goes

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Apple Talks With Hyundai, Kia on Electric Car Paused Recently

TipRanks

2 “Strong Buy” Penny Stocks With Over 200% Upside on the Horizon

Let’s talk about risk and the big picture. It’s an appropriate time, as the big risk – presented by the COVID-19 pandemic – is finally receding thanks to the ongoing vaccination program. COVID is leaving behind an economy that was forced into shutdown one year ago while in the midst of a great expansion, boosted by the deregulation policies. While the new Biden Administration is busy reversing many Trump policies, at least for now the economy is rebounding. And this brings us to risk. A time of economic growth and rebound is a forgiving time to move toward risk investments, as general economic growth tends to lift everything. Two strategists from JPMorgan have recently chimed in, promoting the view that the market’s fundamentals are still sound, and that small- to mid-cap sector is going to keep rising.

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