South Korea’s carmaker Hyundai and its subsidiary Kia have recently said that they are not in talks with tech giant Apple to develop self-driving cars.
According to a Bloomberg report, Apple had “paused” car deal discussions with Hyundai and Kia weeks ago and is currently in talks about similar plans with other auto manufacturers.
Reports and discussions about the tie-up between Apple and automakers have ramped up in recent weeks, propelling both Hyundai’s and Kia’s shares.
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However, following Bloomberg’s report that the discussions on the car deal had been put on hold Hyundai and Kia’s stocks have tumbled.
Apple is also reportedly “upset” about Hyundai’s previous announcement, as the tech giant typically keeps development projects secret for years.
The autonomous and electric vehicle markets are increasingly becoming competitive as both tech firms and blue chip automotive companies are heavily investing in new innovations in this area.
Last month, Tesla made headlines as it became the most valuable automotive company as its value exceeded $700 billion.
Microsoft has also recently amped up its footing in the auto industry by signing a long-term strategic partnership with US-based self-driving carmaker Cruise and General Motors to accelerate the commercialisation of autonomous vehicles.
It remains unclear if or when discussions between Apple and Hyundai will resume. But the iPhone-maker will have to rely on a manufacturing partner that has a capacity and capability to develop and mass produce the vehicles.
