Hyundai & Kia Say Deal Is Off For Apple Car

Korean carmaker Hyundai Motor Co, is no longer in talks with Apple Inc on autonomous electric cars after a month of speculations, Reuters reported.

This causes Hyundai's shares dived by 6 percent, taking US$3 billion away from its market value. At the same time, its affiliate Kia's shares also took a 15 percent dropped, which translate to US$5.5 billion. When the news of the possible tie-up first reported, Kia's shares surged by 61 percent.

However, that doesn't mean that discussions won't resume later. Rumours are speculating that this is a stock manipulation.

Reuters also reported that Apple and Hyundai first started talks over a car partnership back in 2018, but the progress was hampered by the South Korean carmaer's reticence on working with outsiders.

Well, all we can do now is to wait and see, who will Apple talk to or to team up with to produce its very first Apple Car.