Apple And Kia Electric Vehicle Talks Haven’t Fallen Apart, Report Says

Apple Kia Electric

Apple Inc. (NASDAQ: AAPL) could still partner with Hyundai Motor Company (OTC: HYMTF) subsidiary Kia Corp. on electric vehicles, Reuters reported Friday — citing a South Korean online news site.

What Happened: Apple and Kia have not completely canceled talks on electric vehicles following a deal signed by the two companies last year to pursue cooperation in eight sectors, including electric vehicles, according to South Korean online news site Chosun Biz.

Kia shares are trading 3.1% higher at press time in Seoul.

Bloomberg reported earlier this month that Apple plans to invest .6 billion in Kia Motors as part of a collaboration on electric vehicles, but Kia and Hyundai confirmed a few days later that the tech giant was no longer in talks with them.

Why It Matters: Amid intense speculation over Apple’s potential partners on the self-driving electric vehicle, reports last month indicated the iPhone maker was in negotiations with Hyundai on a deal regarding electric vehicles. While the South Korean automaker initially confirmed the reports, it later said it was in talks with several automakers.

Price Movement: Apple shares closed 3.5% lower on Thursday at $120.99 and further declined 0.2% in the after-hours session. Hyundai OTC shares closed 1.2% lower at $48.15.

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