South Korean automakers Hyundai Motor and Kia Motors stated Monday they don’t seem to be in talks with Apple to develop an autonomous automobile.

Hyundai Motor shares fell 6.41% in South Korea on Monday morning whereas Kia Motors shares dropped 13.2%. Different associates together with Hyundai Wia, Hyundai Mobis and Hyundai Glovis have been additionally down sharply.

“Hyundai Motor is getting requests from a number of corporations for cooperation in joint growth of autonomous, electrical automobiles however nothing has been determined because it’s in early stage,” the corporate stated, based on a CNBC translation of a regulatory submitting.

“Hyundai Motor is just not in talks with Apple on autonomous automobile growth,” it added.

Its affiliate Kia Motors, which is the second-largest automotive producer in South Korea behind Hyundai, made the same submitting. The corporate stated it was reviewing prospects of cooperating with “a number of corporations abroad” over autonomous electrical automobiles — however nothing has been determined.

Kia Motors additionally stated it was not in talks with Apple.

Hyundai initially said last month it was in early-stage talks with Apple, however later revised the assertion and made no point out of the iPhone maker. It led to a surge in shares of Hyundai and its associates, together with Kia Motors, at the moment.

This month, CNBC reported that Apple was close to finalizing a deal with Hyundai-Kia to fabricate an Apple-branded autonomous electrical automobile on the Kia meeting plant in West Level, Georgia. Sources advised CNBC’s Phil LeBeau that no settlement had but been reached and that Apple could finally resolve to accomplice with one other automaker individually, or along with working with Hyundai.

Retail traders have purchased Hyundai Motor and Kia shares price roughly 915.7 billion Korean gained ($817 million) and 798.8 billion gained (about $713 million), respectively, because the Jan. 8 hypothesis over a possible collaboration with Apple, based on Sung Yop Chung, regional head of cars and parts at Daiwa Capital Markets.

“Following the damaging vibe from each (Hyundai Motor) and Kia’s submitting this morning, highlighting that there’s presently no EV cooperation with Apple, worst-case means that Kia’s shares might right as a lot as 31%,” he advised CNBC’s Chery Kang.  

Hypothesis about Apple moving into the auto enterprise has been rife for a number of years however nothing concrete has materialized.

Some Wall Street analysts see the auto sector as a brand new marketplace for Apple to develop into, however others warning in opposition to the truth of creating an Apple-branded automotive because it might doubtlessly imply heavy investments for low margins.

— CNBC’s Chery Kang contributed to this report.