Hyundai-Kia Clear things by saying they’re not in discussions on autonomous vehicles with Apple.

Key Points: 

• Shares in Hyundai and its subsidiary Kia Corp, dropped by 6.6% and 14%, respectively.
• Hyundai has previously said that it was in negotiations with Apple, but these discussions were early.
• Apple is looking to enter the automotive market, but it is assumed that its debut vehicle is at least five years away.

Hyundai Motor Co of South Korea says that it is not currently in discussions with Apple Inc on autonomous electric cars on Monday, bringing the auto manufacturer shares drifting a month. It said it was in initial stage talks with the technology giant about cars.

Shares in Hyundai and its affiliate Kia Corp declined 6.6 per cent and 14 per cent as of 0204 GMT, respectively, while the KOSPI index for the wider market fell 1 per cent.

Hyundai and Kia both said that in separate regulatory filings, “We are not holding talks towards Apple on designing autonomous cars.”

Shares in both car manufacturers jumped in early January – after Hyundai claimed, “Apple as well as Hyundai are also in discussion, yet as it is at initial stage nothing has being decided” (Full report here)

Hyundai shares have increased more than 20 per cent so far this year, while Kia has rocketed 40 per cent on rumours that they could create an Apple vehicle.

The statement came about a local media story that Apple and Hyundai were in talks to build electric self-driving cars by 2027 and develop batteries either at Hyundai or Kia-operated U.S. plants.

But on the very same day, the car manufacturer backtracked, issuing subsequent remarks that omitted all Apple references but said Hyundai was “getting requests of cooperation on the collaborative development of autonomous electric cars from different firms without naming any of them.

Apple has never approved talks about constructing vehicles with the carmaker and was not available immediately outside working hours in the United States for comments.

Around December, Reuters announced that Apple was pushing ahead with automated vehicle technology and had been planning to manufacture a passenger car that could have its revolutionary battery technology as early as 2024. (Heekyong Yang and also Joyce Lee reporting; Lincoln Feast as well as Kenneth Maxwell editing).