Kia, Hyundai Confirm Companies No Longer In Talks Over Electric Vehicles With Apple

Apple Inc AAPL is no longer negotiating with Kia and its parent Hyundai Motor Company HYMTF, the latter two have confirmed, Bloomberg reported Sunday.

What Happened: The Korean automakers have been in discussion with multiple companies about the development of autonomous electric vehicles, but have not arrived at any decision, according to regulatory filings seen by Bloomberg.

Kia and Hyundai shares traded 13.4% and 5.41% lower, respectively, at press-time in Seoul.

Why It Matters: Reports of stalled talks between the Tim Cook-led tech giant and the two automakers emerged earlier on Saturday.

See Also: Why This Apple Analyst Thinks A Collaboration With GM, PSA On Electric Vehicles Is Likely

Last month, Hyundai had initially said it was in talks with Apple but had later backtracked from the statement saying it had received interest from multiple automakers.

Price Action: Apple shares closed nearly 0.3% lower at $136.76 on Friday. On the same day, Hyundai OTC shares closed 2.65% lower at $56.94.

See also: How To Buy Apple Stock

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