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Hyundai and Kia deny talks with Apple on self-driving cars

Shares drop sharply as investor hopes evaporate

Shares of South Korean automaker Hyundai and its affiliate Kia were down sharply in Monday after the two said they are not talking with Apple about making autonomous vehicles. (Source phots by AP)

SEOUL -- Hyundai Motor said on Monday that it is not in talks with Apple to develop self-driving cars, denying early reports that the South Korean automaker was close to completing a joint production deal with the U.S. tech company.

Hyundai, and its affiliate Kia Motors, which had been rumored to be negotiating to make Apple cars at its U.S. factory, said in regulatory filings that they are not discussing the development of autonomous vehicles with Apple. Shares of Hyundai fell as much as 6% at one point, while Kia plunged more than 13% in morning trading.

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