Hyundai Motor Co. backed away from a statement confirming it is in talks with Apple Inc. on developing self-driving car that fuelled an $8 billion surge in the Korean automaker’s market value Friday, saying instead that it received requests for potential cooperation from a number of companies.
Revising its statement for the second time in a matter of hours, Hyundai said it had been contacted by potential partners for the development of autonomous electric vehicles, removing any reference to Apple. Shares of Hyundai surged 19 per cent after Korean media initially reported on talks with the US company, only slightly paring their gains after the statement confirming discussions was revised.
By naming Apple initially, Hyundai risks the ire of the technology giant known for its secretiveness when it comes to new products and partnerships. With development work still at an early stage, Apple will take at least half a decade to launch an autonomous electric vehicle, people with knowledge of the efforts have told Bloomberg News. That suggests the company is in no hurry to decide on potential auto-industry partners.
Hyundai’s stock jump in Seoul was the biggest since 1988.