{"id":106473,"date":"2021-02-08T03:48:58","date_gmt":"2021-02-08T03:48:58","guid":{"rendered":"https:\/\/fin2me.com\/?p=106473"},"modified":"2021-02-08T03:48:58","modified_gmt":"2021-02-08T03:48:58","slug":"hyundai-kia-shares-tumble-after-automakers-say-theyre-not-in-talks-with-apple-to-develop-a-car","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/hyundai-kia-shares-tumble-after-automakers-say-theyre-not-in-talks-with-apple-to-develop-a-car\/","title":{"rendered":"Hyundai, Kia shares tumble after automakers say they&#x27;re not in talks with Apple to develop a car"},"content":{"rendered":"<ul>\n<li>Shares of Hyundai Motor and Kia Motors fell 6.41% and 13.2% respectively in morning trade.<\/li>\n<li>In regulatory filings on Monday, both companies said they were not in talks with Apple to develop a car, following media reports that the iPhone maker was looking to the South Korean automakers to develop a self-driving car.<\/li>\n<li>Hyundai and Kia said they were getting requests from &quot;multiple companies&quot; for cooperation to jointly develop autonomous, electric vehicles but that nothing has been decided since the discussions are in early stage.<\/li>\n<\/ul>\n<p>South Korean automakers Hyundai Motor and Kia Motors said Monday they are not in talks with Apple to develop an autonomous vehicle.<\/p>\n<p>Hyundai Motor shares fell 6.41% in South Korea on Monday morning while Kia Motors shares dropped 13.2%. Other affiliates including Hyundai Wia, Hyundai Mobis and Hyundai Glovis were also down sharply.<\/p>\n<p>&quot;Hyundai Motor is getting requests from multiple companies for cooperation in joint development of autonomous, electric vehicles but nothing has been decided since it&#x27;s in early stage,&quot; the company said, according to a CNBC translation of a regulatory filing.<\/p>\n<p>&quot;Hyundai Motor is not in talks with Apple on autonomous vehicle development,&quot; it added.<\/p>\n<p>Its affiliate Kia Motors, which is the second-largest car manufacturer in South Korea behind Hyundai, made a similar filing.<strong> <\/strong>The company said it was reviewing prospects of cooperating with &quot;multiple companies overseas&quot; over autonomous electric vehicles \u2014 but nothing has been decided.<\/p>\n<p>Kia Motors also said it was not in talks with Apple.<\/p>\n<p>Hyundai initially said last month it was in early-stage talks with Apple, but later revised the statement and made no mention of the iPhone maker. It led to a surge in shares of Hyundai and its affiliates, including Kia Motors, at that time.<\/p>\n<p>This month, CNBC reported that Apple was close to finalizing a deal with Hyundai-Kia to manufacture an Apple-branded autonomous electric vehicle at the Kia assembly plant in West Point, Georgia. Sources told CNBC&#x27;s Phil LeBeau that no agreement had yet been reached and that Apple may ultimately decide to partner with another automaker separately, or in addition to working with Hyundai.<\/p>\n<h2>Shares may drop further<\/h2>\n<p>Retail investors have bought Hyundai Motor and Kia shares worth roughly 915.7 billion Korean won ($817 million) and 798.8 billion won (about $713 million), respectively, since the Jan. 8 speculation over a potential collaboration with Apple, according to Sung Yop Chung, regional head of automobiles and components at Daiwa Capital Markets.<\/p>\n<p>&quot;Following the negative vibe from both (Hyundai Motor) and Kia&#x27;s filing this morning, highlighting that there is currently no EV cooperation with Apple, worst-case suggests that Kia&#x27;s shares could correct as much as 31%,&quot; he told CNBC&#x27;s Chery Kang.\u00a0\u00a0<\/p>\n<p>Speculation about Apple getting into the auto business has been rife for several years but nothing concrete has materialized.<\/p>\n<p>Some Wall Street analysts see the auto sector as a new market for Apple to grow into, but others caution against the reality of making an Apple-branded car as it could potentially mean heavy investments for low margins.<\/p>\n<p><em>\u2014 CNBC&#x27;s Chery Kang contributed to this report.<\/em><\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/02\/08\/hyundai-kia-shares-fall-say-not-in-talks-to-develop-apple-car.html\" target=\"_blank\" rel=\"noopener noreferrer\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shares of Hyundai Motor and Kia Motors fell 6.41% and 13.2% respectively in morning trade. In regulatory filings on Monday, both companies said they were [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":106472,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Hyundai, Kia shares tumble after automakers say they&#x27;re not in talks with Apple to develop a car - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/hyundai-kia-shares-tumble-after-automakers-say-theyre-not-in-talks-with-apple-to-develop-a-car\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hyundai, Kia shares tumble after automakers say they&#x27;re not in talks with Apple to develop a car - Fin2me\" \/>\n<meta property=\"og:description\" content=\"Shares of Hyundai Motor and Kia Motors fell 6.41% and 13.2% respectively in morning trade. 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