South Korean automaker Hyundai and its affiliate Kia on Monday denied news reports they were in talks with Apple for a joint project to make autonomous vehicles, sending their shares tumbling. Also Read | Scarcity on high seas hurting India’s exportsBut on Monday Hyundai and Kia said in regulatory filings they were "not discussing autonomous electric car development with Apple". Kia shares slumped 13% in Seoul on Monday morning, while Hyundai fell 5.6%. Hyundai, South Korea's biggest automaker, has already rolled out fully electric cars, including the Ioniq and the Kona Electric, as it seeks to win a slice of the growing market. But Apple has never acknowledged talks with Hyundai, despite several news reports that followed up claiming they were close to a deal.

Source: Mint February 08, 2021 02:15 UTC