Kia

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 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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Apple may manufacture self-driving cars at the Kia assembly plant in West Point, Georgia.

Gov. Brian Kemp said Thursday he welcomed the possibility that Apple will set up production with Kia Motors to manufacture Apple-branded vehicles at the Korean company’s assembly plant in West Point.

“Kia’s commitment to excellence and its strong partnership with the state only strengthens Georgia’s status as a leader in technology, innovation and manufacturing,” said Kemp in a nod to media reports.

CNBC reported on Wednesday that Apple was close to finalizing a deal with Kia to produce Apple-designed vehicles at the West Point plant in Georgia. Apple will invest $3.6 billion in the venture with Kia, which will start operations in 2024, Bloomberg reported, citing a Korean news agency.

State economic development officials with direct knowledge of discussions stressed to The Atlanta-Journal Constitution that no agreement has been finalized.

Rick Douglas, a West Point-based spokesman for Kia, declined to comment Thursday. Apple did not respond to requests for comment.

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