South Korean car manufacturer Hyundai and its subsidiary Kia have now announced that negotiations with Apple over the production of the Apple Car have ended.
After a series of reports about negotiations between Apple and Hyundai and Kia around the "Apple Car", the two car manufacturers have now publicly confirmed that they are no longer negotiating with Apple about the project. In a regulatory report, Hyundai and Kia stated that they had received inquiries from several companies about developing self-driving electric cars. However, no decision had been made as the talks were still at an early stage. Bloomberg reported Meanwhile, Hyundai shares fell by 8.4% and Kia shares fell by 14.1% following the announcement. In January, it was reported that the two automakers were negotiating with Apple about an electric car - the Apple Car. Hyundai has confirmed talks between the companies over time, a rather unusual move.
Apple Car: Hyundai and Kia are not the only ones
However, Apple is said to have been quite upset by this. Last Friday evening, it was reported that talks between the companies had been suspended due to this revelation. paused During the negotiations, it was suggested that Hyundai would move production to the United States and operate a factory in Georgia controlled by Kia, with the goal of producing 100,000 cars by 2024. Apple was to invest around $3.6 billion in the project. Production would have been entirely controlled by Kia, as Hyundai did not want to be labeled "as the Foxconn for the Apple Car." According to reports, Apple is said to be in talks with a number of other car manufacturers. Hyundai and Kia were not the only companies considered for the Apple Car. (Photo by Hannuviitanen / Bigstockphoto)
