Hyundai Motor Group “We are not discussing self-driving cars with Apple”
Share prices of Hyundai Motor Group plunged together
Photo = Yonhap News
Hyundai Motor Company(235,500 -5.61%)On the 8th, Kia and Kia announced on the 8th that they are not conducting discussions on self-driving cars with Apple regarding cooperation in developing Apple cars that have attracted attention from inside and outside the industry. Last month, it officially announced that cooperation with Apple was in its infancy, but it was announced that it was discontinued after a month or so. As such news is delivered, disappointing sales are pouring out, and shares of Hyundai Motor Group affiliates are plummeting.
Hyundai Motor Company and Kia announced on the day that “we are receiving requests for cooperation in joint development of self-driving electric vehicles from a number of companies, but it has not been decided in an early stage” and “we are not conducting consultations on the development of autonomous vehicles with Apple.” .
It was early last month that an electric vehicle cooperation theory between Hyundai Motor Group and Apple was raised. At the time, the Hyundai Motor Group did not give a definite answer to the idea of cooperation with Apple, saying, “It has not been decided in an early stage.” However, they did not deny the consultations with Apple, so they officially announced that they are in the early stages of cooperation.
This is the fact that the collapse of cooperation between Hyundai Motor Group and Apple recently reported by foreign media such as Bloomberg News has come true. There have been reports that Kia will be in charge of Apple’s electric car production through its Georgia plant in the US, but analysis has been raised both inside and outside the auto industry that Apple’s excessive secrecy has become an obstacle to cooperation.
Earlier, Bloomberg News reported on the 5th (local time) that “the negotiations between Hyundai Motor Group and Apple regarding the electric vehicle development business have recently been temporarily suspended, and Apple is discussing similar plans with Hyundai Motor Company and other automakers.” There is a bar. Regarding the reason for the suspension of cooperation, Bloomberg said, “Apple is known to be angry as the Hyundai Motor Group began to mention to the media about a project that Apple has kept secret for the past few years.” Automotive News, a media specialized in automobiles, also reported that Apple stopped discussing the negotiations with Hyundai Motor Company as the details of the negotiations became known.
However, the industry is paying attention to the fact that, as Hyundai Motor Company and Kia have announced that they have “suspended discussions on the production of self-driving cars with Apple,” discussions may resume at a later date, and that discussions on electric car production may continue. It is interpreted that there is a possibility that Hyundai Motor Company and Apple will cooperate only in the electric vehicle sector, excluding autonomous driving, as each is developing its own autonomous driving technology.
Meanwhile, when the news that the negotiations with Apple had been stopped, Hyundai Motor Group stocks, including Kia and Hyundai Motors, are on the rise. Kia’s share price is trading at 8,7500 won, down 14,000 won (13.79%) from the previous trading day at 9:55 am. Hyundai Motor Company is also recording 233,000 won, down 6.61% (16,500 won). The market capitalization of the two companies alone has evaporated 9.2 trillion won. In addition, Hyundai Mobis(322,500 -8.51%)And Hyundai Wia(88,500 -9.97%)Figs. 9% and 10% respectively, respectively.
Meanwhile, related parts stocks, which are expected to benefit from Apple car development, are also weak. Guyoung Tech, which fell by 14%, and Hwaseung R&A Mobase Electronics Sangsin Break, are falling by 9-11%.
Shin Hyun-ah, reporter at Hankyung.com [email protected]
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