Hyundai Motor and its affiliate Kia said they are not in talks with Apple about developing autonomous vehicles, disappointing investors who sent shares in both South Korean carmakers lower.
The pair said in a regulatory filing on Monday that they have been talking with multiple companies about co-operating to develop self-driving electric vehicles, but no decisions had been made. Apple declined to comment.
Hyundai shares fell more than 6 per cent on Monday while Kia shed 15 per cent.
Last month, Hyundai said it was in early-stage discussions with the US technology giant about building an electric car. The potential tie-up and the entry of the global tech group had been expected to shake up the highly competitive industry.
Shares in both companies have surged over the past month on speculation and unsourced media reports that the two South Korean companies were close to a deal with Apple, and that Kia was likely to produce the highly anticipated Apple car in its…