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Hyundai-Kia denies discussing cooperation with Apple on electric vehicle projects

by:Yisheng      2021-06-05

According to foreign media reports, when reports about the cooperation between Hyundai Motor and Apple on the self-driving electric vehicle project were rampant, Hyundai Motor and its subsidiary Kia Motors stated that the two companies did not cooperate with Apple on the development of self-driving electric vehicles. Negotiate.


On February 7, Hyundai Motor stated in a document submitted to the regulator that the company has received cooperation requests from multiple companies and hopes to jointly develop self-driving electric vehicles, but the negotiations are still at an early stage. Stage, no decision has been made yet. The company also added that it has not negotiated with Apple on the development of self-driving cars.


Kia Motors is South Korea’s second-largest automaker after Hyundai. The company also submitted a similar document stating that it is evaluating the prospects of cooperation with a number of overseas companies in the field of self-driving electric vehicles, but has not yet Make any decision. Kia also said that it did not negotiate with Apple.


As soon as this news came out, Hyundai Motor's share price fell 8.4%, while Kia Motors' share price fell 15.3%.



Hyundai initially stated last month that it was in preliminary negotiations with Apple, but later revised its statement without mentioning Apple. It was subsequently reported that Hyundai Motor had handed over the Apple car project to Kia, and that Apple cars will be produced at Kia’s assembly plant in West Point, Georgia. Then there were reports that Apple would invest 4 trillion won (approximately US$3.6 billion) in Kia Motors, and the two parties will sign an agreement on February 17.


However, last weekend, a person familiar with the matter revealed that Apple did have discussions with Hyundai Motors and Kia Motors on the production of electric vehicles, but the negotiations have been suspended. In addition, Apple has also negotiated with at least six automakers on similar plans.


The Apple car project has been kept secret. Apple has never admitted to negotiating with Hyundai on the car project, nor has it commented on various reports. But Apple's automotive projects are still being closely watched because it may disrupt the automotive industry, just as the iphone, ipod and ipad shake up the consumer electronics market.


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