Hyundai Motor Co. backed away from a statement confirming it is in talks with Apple Inc. on developing self-driving car.
Hyundai Motor Co. backed away from a statement confirming it is in talks with Apple Inc. on developing self-driving car that fueled 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% after Korean media initially reported on talks with the U.S. 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. A cable TV unit of Korea Economic Daily first reported the discussions with Apple, saying Hyundai completed internal talks on the project and is awaiting approval from the chairman. Following the report, Hyundai initially issued a statement saying that it is one of various automakers that Apple had been in early contact with.
