Negotiations have broken down between Hyundai and Apple over their joint development of autonomous vehicle technology.
Over the past few months, the Korean brand has been trying to manage an internal breach regarding its collaboration with the Californian tech giant, but Hyundai has since quashed the rumours.
In a statement to its investors, Hyundai Motor Company said: “We are receiving requests for cooperation in joint development of autonomous electric vehicles from various companies, but they are at [an] early stage and nothing has been decided. We are not having talks with Apple on developing autonomous vehicles."
The announcement was followed by a six percent decrease in Hyundai’s stock, wiping around £2.1 billion off the company’s market value. The downturn follows the recent £5.8 billion uplift to the brand’s finances, after news broke of the pair’s potential collaboration in January - Link
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