No deal for Hyundai, Kia, and Apple

No deal for Hyundai, Kia, and Apple

$8.5 billion wiped off market value for Hyundai and Kia amid no agreement with Apple

After earlier this year said that it was in preliminary talks with Apple to develop autonomous electric cars, Hyundai reconsidered its position and said it isn’t in discussions with the American giant.

“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,” said in a joint statement both Hyundai and Kia Motors.

Moreover, the announcement came after multiple media outlets reported that the deal was just a few steps away from being closed, due to sign on February 17.

Following the initial news in January, Kia stock price had gained since then 61%. After the latest news hit the wires, Hyundai’s stock dropped 6.2%, while Kia’s plummeted 15%. The two companies lost $3 billion, and $5.5 billion in market value.

Apple stock went down 0.48%.

Read here more about the initial report regarding Hyundai and Apple!

Sources: reuters.com, cnbc.com

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