In a regulatory filing, the South Korean auto maker said it wanted to clarify “rumors” about a joint effort with Kia Motors Corp. to work with Apple AAPL, -0.31%, and said it has received “requests for cooperation” from a number of companies seeking to develop self-driving electric vehicles.
“We are not conducting consultations with Apple on the development of autonomous vehicles,” Hyundai said in the filing, according to a translation. Hyundai said its various talks about an autonomous electric vehicle were in the early stages and nothing has been decided yet.Reports of the joint venture emerged last week, with reports saying the car would be built at a Kia factory in Georgia. Hyundai owns a controlling 38% stake in Kia 000270, -13.50%.
Bloomberg News reported Friday that talks between Apple and the Korean auto makers had been paused, apparently because Apple was upset that news of the secret negotiations had been leaked by Hyundai. Bloomberg reported it was unclear when — or if — the talks would resume. Hyundai had originally confirmed the negotiations in early January, sending its shares skyrocketing. Apple has been working on developing autonomous vehicles in one form or another for years, always under a layer of strict secrecy.
I hope Apple picks something with more quality than Hyundai.
I think Magna International. I’d be surprised if Apple selects an existing car company as then it won’t be seen as solely an Apple product. Magna at one time built a full BMW and yet not many would know that it wasn’t from a BMW factory.
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