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On the 8th, Hyundai Motor Company and Kia announced on the 8th that they are not conducting self-driving discussions with Apple regarding cooperation in the development of Apple cars that have attracted attention from within and outside the industry. Last month, the company officially announced that the cooperation with Apple was in its infancy, but after a month or so, when it was announced that it would be discontinued, disappointing sales spilled out and the share prices of Hyundai affiliates. Motor Group collapsed.
Hyundai Motor Company and Kia announced on the day that “we are receiving requests for cooperation for the joint development of autonomous electric vehicles from various companies, but it has not been decided at an early stage” and “we are not consulting on the development of autonomous vehicles with Manzana “.
It was early last month that a theory of electric vehicle cooperation between Hyundai Motor Group and Apple was raised. At the time, Hyundai Motor Group did not give a definitive response to the idea of cooperation with Apple, saying: “It has not been decided at an early stage.” It officially announced that it was in the early stages of cooperation with Apple, but through this disclosure, it was announced that the cooperation was in fact suspended.
Rumors about the breakdown of cooperation between Hyundai Motor Group and Apple, which were recently reported by foreign media such as Bloomberg News, have been confirmed. There have been reports that Kia will be in charge of Apple’s electric car production through its Georgia plant in the United States, but it is an analysis that Apple’s excessive secrecy has become an obstacle to cooperation.
Earlier, Bloomberg News reported on the 5th (local time) that “negotiations between Hyundai Motor Group and Apple regarding the electric vehicle development business have recently been suspended and Apple is discussing similar plans with other automakers.”
Regarding the reason for the suspension of cooperation, Bloomberg News said that “Apple is known to be angry when Hyundai Motor Group began to mention to the media a project that had been kept secret for the past years.” Automotive News, an automobile outlet, also reported that Apple stopped discussing negotiations with the Hyundai Motor Company when details of the negotiations became known.
However, the industry is paying attention to the fact that as Hyundai Motor Company and Kia have announced that they have “suspended discussions on autonomous vehicle production with Apple”, the talks may resume at a later date, and those may continue. with the production of electric cars. It is interpreted that the possibility of cooperation exists between the electric vehicle sector, as Hyundai Motor and Apple are each developing their own autonomous driving technology.
The news that negotiations with Apple have ended, Hyundai Motor Group’s share price has plummeted. Kia’s share price is trading at 87,700 won, down 13.6% from the previous trading day at 2:30 pm. Hyundai Motor Company is also recording 236,000 won, down 5.41%. The market capitalization of the two companies alone has evaporated 9.2 trillion won.
Furthermore, Hyundai Mobis and Hyundai Wia are also showing a drop of 8% and 10%, respectively. Meanwhile, stocks of related parts, expected to benefit from Apple’s car development, are also weak. Guyoung Tech, which fell 18%, and Hwaseung R&A Mobase Electronics Sangsin Brake, are down 8-10%. Ⓒ Safe times
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