Apple Abandons Electric Cars, And Hyundai Alongside Kia Loses $8.5 Billion

Written by Valdemar Medeiros

Published on 10/02/2021 at 09:55

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Apple’s Electric Cars Come to an End, Kia and Hyundai Confirm Exit

Hyundai Motor and Kia stated on Monday that they are no longer in negotiations with Apple for the production of autonomous electric cars, just a month after confirming initial talks with the technology giant, causing the automaker’s stocks to plummet.

Stocks Plummet After End of Apple’s Electric Car Project

Taking US$ 3 billion off its market value, Hyundai’s stocks dropped 6.2%. Stocks of its affiliate Kia Corp, which were pointed out in local media reports as the likely operational partner for Apple, fell 15% – a decline of US$ 5.5 billion.

The announcement lowers the curtain on weeks of internal divisions at Hyundai Motor, the parent company of both automakers – over the potential partnership, with some executives raising concerns about becoming a contract manufacturer for the U.S. technology giant in a partnership reminiscent of Foxconn’s role in manufacturing devices for Apple like the iPhone.

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Hyundai and Kia Receive Offers from Other Companies for Electric Car Production

“We are receiving requests for cooperation in the joint development of autonomous electric cars from several companies, but they are in the early stages and nothing has been decided,” the automakers said on Monday, in compliance with stock exchange rules requiring regular updates to investors regarding market rumors.

Kia and Hyundai State – “We Are Not in Talks with Apple About the Development of Autonomous Vehicles”

Kia’s stocks surged 61% since Hyundai initially confirmed a report from local media in early January that Apple and Hyundai were discussing developing autonomous electric vehicles by 2027 and developing batteries in U.S. factories operated by Hyundai or Kia.

“Apple and Hyundai are in discussions, but as it’s in an early stage, nothing has been decided,” Hyundai said, before releasing subsequent statements that withdrew all mentions of Apple, but stated that Hyundai was receiving requests for cooperation on electric cars from parties it did not identify.

Apple Abandons Electric Cars, And Hyundai Alongside Kia Loses $8.5 Billion

Apple’s Electric Cars Come to an End, Kia and Hyundai Confirm Exit

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Kia and Hyundai State – “We Are Not in Talks with Apple About the Development of Autonomous Vehicles”

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Apple Abandons Electric Cars, And Hyundai Alongside Kia Loses $8.5 Billion

Apple’s Electric Cars Come to an End, Kia and Hyundai Confirm Exit

Also Read

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