Korean automakers Hyundai (OTC:HYMTF) and Kia say that a deal to assemble vehicles for tech monster Apple (NASDAQ:AAPL) – which had been normal when one week from now – isn’t occurring.
Recent reports had recommended that an Apple-designed electric vehicle could be made in a Georgia factory owned by Kia, and that a deal could be declared when one week from now. Hyundai affirmed in January that it had held talks with Apple about the chance.
However, in a filing with South Korean regulators on Monday, the organizations said that they are done chatting with Apple.
“We are receiving requests for cooperation in joint development of autonomous electric vehicles from various companies, but they are at early stage and nothing has been decided. We are not halving talks with Apple on developing autonomous vehicles,” the companies said in the filing.
Reuters has detailed that Hyundai chiefs were torn about whether to help out Apple, on worries that the game plan could lead it to turn out to be simply an agreement maker, like Foxconn’s role with Apple.
Kia’s shares had acquired than 60% since Hyundai affirmed the discussions with Apple in January. Shares of both Kia and Hyundai declined sharply in trading in Seoul, South Korea, on Monday.