Источник изображения: Bloomberg

Another denial of the fact of negotiations with Apple brought down the shares of Hyundai and Kia

Korean auto giant Hyundai Motor has already denied its involvement in negotiations with Apple on the production of electric vehicles at Kia’s U.S. facilities. Rumors have pushed the idea that an agreement could be reached this month, but now Hyundai and Kia have officially denied such information. This immediately caused the market value of their shares to drop by 8.4 to 15.3%.

Image source: Bloomberg

Image source: Bloomberg

As specified, Hyundai and Kia in an official document stated that they were not involved in negotiations with Apple on the contract production of autonomous electric vehicles. Korean companies admitted that they were negotiating with various potential clients, but no decisions were made in this regard. Hyundai Motor shares after this announcement lost 8.4%, while Kia shares fell by 15.3%. Since the first rumors about cooperation with Apple appeared, the shares of the parent Korean company have risen in price by more than 20%, and Kia has managed to rise in price by 40%.

Hyundai acknowledges that it has received inquiries from various companies for cooperation in the development of self-driving electric vehicles. The newly unveiled E-GMP platform for electric vehicles will form the basis of 23 of its own models. Already in March, the Ioniq 5 electric car based on it will be presented, the Kia soplatform electric car will be released before the end of the year. The traction batteries used by the platform can be charged up to 80% of the nominal in just 18 minutes, and five minutes of charging will be enough to travel 100 km. The total power reserve on a full charge will reach 500 km.

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