A emblem of Hyundai Motor is seen on a glass door at an organization department in Seoul on July 23, 2015

Jung Yeon-Je | AFP | Getty Photographs

South Korean automakers Hyundai Motor and Kia Motors mentioned Monday they aren’t in talks with Apple to develop an autonomous car.

Hyundai Motor shares fell 6.41% in South Korea on Monday morning whereas Kia Motors shares dropped 13.2%. Different associates together with Hyundai Wia, Hyundai Mobis and Hyundai Glovis have been additionally down sharply.

“Hyundai Motor is getting requests from a number of firms for cooperation in joint improvement of autonomous, electrical autos however nothing has been determined because it’s in early stage,” the corporate mentioned, in response to a CNBC translation of a regulatory submitting.

“Hyundai Motor shouldn’t be in talks with Apple on autonomous car improvement,” it added.

Its affiliate Kia Motors, which is the second-largest automotive producer in South Korea behind Hyundai, made the same submitting. The corporate mentioned it was reviewing prospects of cooperating with “a number of firms abroad” over autonomous electrical autos — however nothing has been determined.

Kia Motors additionally mentioned it was not in talks with Apple.

Hyundai initially said last month it was in early-stage talks with Apple, however later revised the assertion and made no point out of the iPhone maker. It led to a surge in shares of Hyundai and its associates, together with Kia Motors, at the moment.

This month, CNBC reported that Apple was close to finalizing a deal with Hyundai-Kia to fabricate an Apple-branded autonomous electrical car on the Kia meeting plant in West Level, Georgia. Sources advised CNBC’s Phil LeBeau that no settlement had but been reached and that Apple might finally determine to associate with one other automaker individually, or along with working with Hyundai.

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