Portions of Hyundai and Kia plunged on Monday in Seoul after the automakers said they were not in talks with Apple to create self-driving vehicles all things considered.

“We are not having talks with Apple about developing self-driving cars,”Hyundai said in an articulation.

The assertion added that Hyundai has gotten demands from “various organizations” about creating self-driving electric vehicles, however that “no choice has been made as we are in the early phase.”

Kia Motors, which is owned by Hyundai, referred CNN Business to its parent organization’s assertion.

Apple declined to remark.

The declaration shocked financial backers who had been wagering on some sort of tie-up between the organizations dependent on long stretches of theory and neighborhood news reports. Kia’s stock dove 13%, putting it on target for its most exceedingly terrible day since 2008. Hyundai’s stock fell 5.6%.

News media in the nation detailed simply a week ago that Kia was surrounding a significant arrangement with Apple for an organization to construct another vehicle, sending Kia’s stock to its greatest day in over twenty years.

Furthermore, a month ago, Hyundai (HYMTF) was accounted for to be in conversations with the iPhone producer to create electric vehicles. The news at the time impelled Hyundai’s offers, likewise to their greatest day in at any rate twenty years.

Interest from Apple in South Korea’s automakers seemed well and good. Examiners have called attention to that Hyundai has been available to uniting with different organizations and even tech firms; it as of now has associations with Chinese inquiry monster Baidu and US chipmaker Nvidia on self-sufficient driving, for instance.

The automaker has likewise effectively made critical steps on cutting edge vehicles, including hydrogen power module vehicles and an electric vehicle producing stage it divulged in December.

Yet, Apple may likewise decide to enter various organizations, with investigators skimming other significant carmakers, for example, Honda, Tata Motors’ Jaguar Land Rover and Geely, the Chinese proprietor of Volvo, as possible choices.

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Topics #Apple #Hyundai #Kia #Nvidia #South Korea