Shares of Hyundai and Kia plunged on Monday in Seoul after the automakers said they were not in talks with Apple to develop self-driving cars after all.
“We are not having talks with Apple about developing self-driving cars,” Hyundai said in a statement.
The statement added that Hyundai has received requests from “numerous companies” about developing self-driving electric cars, but that “no decision has been made as we are in the beginning stage. “
Kia Motors, which is owned by Hyundai, referred CNN Business to its parent company’s statement.
Hyundai’s stock fell 5. 6%.
News media in the country reported just last week that Kia was closing in on a major deal with Apple for a partnership to build a new vehicle, sending Kia’s stock to its best day in more than two decades.
And last month, Hyundai (HYMTF) was reported to be in discussions with the iPhone maker to develop electric cars.
The news at the time propelled Hyundai’s shares, also to their best day in at least two decades.
Analysts have pointed out that Hyundai has been open to joining forces with other companies and even tech firms; it already has partnerships with with Chinese search giant Baidu and US chipmaker Nvidia on autonomous driving, for example.