“We are not in talks with Apple about developing self-driving cars,” Hyundai said in a statement.
The statement added that Hyundai has received requests from “numerous companies” to develop self-driving electric cars, but that “no decision has been made yet as we are in the early stages.”
Kia Motors, which is owned by Hyundai, CNN Business referred to the parent company’s statement.
Apple declined to comment.
The announcement shocked investors who had bet on some sort of bond between the companies based on weeks of speculation and local news reports. Kia’s stock plummeted 13%, putting it on track for its worst day since 2008. Hyundai’s stock fell 5.6%.
Apple’s interest in auto makers in South Korea made sense. Analysts have pointed out that Hyundai is open to joining forces with other companies and even technology companies; It already has partnerships with the Chinese search giant Baidu and the American chip maker Nvidia in the field of autonomous driving.
The carmaker has also already made significant strides in next-generation vehicles, including hydrogen fuel cell cars and an electric vehicle manufacturing platform it unveiled in December.
But Apple may also choose to enter into multiple partnerships, with analysts pushing other major automakers such as Honda, Jaguar Land Rover from Tata Motors and Geely, Volvo’s Chinese owner, as possible options.