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Hyundai Walks Back Confirmation It’s in Talks Over Apple Car

  • Automaker first discloses talks, then revises statement twice
  • Apple’s car is at least half a decade away, people have said
Bloomberg business news
Hyundai Rallies on Report of Apple Tie-Up
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Hyundai Motor Co. backed away from a statement confirming it is in talks with Apple Inc. on developing self-driving car that fueled an $8 billion surge in the Korean automaker’s market value Friday, saying instead that it received requests for potential cooperation from a number of companies.

Revising its statement for the second time in a matter of hours, Hyundai said it had been contacted by potential partners for the development of autonomous electric vehicles, removing any reference to Apple. Shares of Hyundai surged 19% after Korean media initially reported on talks with the U.S. company, only slightly paring their gains after the statement confirming discussions was revised.