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Apple Car Deal Is Now Dead, Say Hyundai And Kia As They Lose $8 5 Billion Market Value

Hyundai and sister brand Kia have confirmed that talks about working with tech-giant Apple on a new car have come to a close, according to Bloomberg. The news saw $3 billion wiped off Hyundai’s value as share value fell by 6.2 percent, while Kia’s share dropped by 15 percent, resulting in a $5.5 billion loss in market value. However, in regulatory filings made on Monday, both Korean manufactures maintain that they’re in talks with multiple companies with a view of autonomous EV development. In January, it was widely speculated that Hyundai and Apple may collaborate on a new autonomous EV based on Hyundai Motor Group’s new E-GMP architecture. Rumors were partly spurred on by Hyundai’s own admission to local media that they were talking to Apple, only for the statement to be revised twice hours later.

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