What Happened: The Korean automakers have been in discussion with multiple companies about the development of autonomous electric vehicles, but have not arrived at any decision, according to regulatory filings seen by Bloomberg.
Kia and Hyundai shares traded 13.4% and 5.41% lower, respectively, at press-time in Seoul.
Why It Matters: Reports of stalled talks between the Tim Cook-led tech giant and the two automakers emerged earlier on Saturday.
Last month, Hyundai had initially said it was in talks with Apple but had later backtracked from the statement saying it had received interest from multiple automakers.
Price Action: Apple shares closed nearly 0.3% lower at $136.76 on Friday. On the same day, Hyundai OTC shares closed 2.65% lower at $56.94.
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