It's over: Hyundai cuts ties with Apple, plans to build tech giant's car dashed
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It was set to become one of the biggest tech-related partnerships in the automotive industry, but Hyundai's plans to join forces with Apple have been dashed according to a recent report.
Unsurprisingly, the 23 per cent increase in the Korean company's share price also came tumbling down with the relationship, leaving only the diehard Hyundai backers holding on.
“Hyundai Motor is getting requests from multiple companies for co-operation in joint development of autonomous, electric vehicles but nothing has been decided since it’s in an early stage,” the company said in a regulatory filing.
“Hyundai Motor is not in talks with Apple on autonomous vehicle development,” it added.
Apple first started talks about an autonomous vehicle way back in 2016, but it wasn't until 2020 when an automotive brand actually jumped in on the project in the form of Hyundai.
When rumours first started to swirl, Hyundai's shares shot up by over 62 per cent overnight, will masses of buyers attempting to get a piece of Apple's buzz in the car industry.
Now that Hyundai has jumped ship, Apple is reportedly going to develop its own battery technology so that it can bring its own electric car to market after 2024.