- In two separate filings to the stock-exchanges Hyundai and Kia said, “We are not having talks with Apple on developing autonomous vehicles.”
- Post the announcement Kia Motors and Hyundai shares plunged nearly 12% and 5%, respectively, on the Korea Exchange.
- CEO Tim Cook’s Project Titan’s goal was to launch an autonomous electric vehicle that would be Apple-branded.
- In June 2018, It hired a former Waymo and NASA engineer to head the project “Titan” but by 2019, the project was scaled back a bit.
In two separate filings to the stock-exchanges Hyundai and Kia said, “We are not having talks with Apple on developing autonomous vehicles.” Post the announcement Kia Motors, and Hyundai shares plunged nearly 12% and 5%, respectively, on the Korea Exchange.
In January, Hyundai, which owns a majority stake in Kia, confirmed that the talks are “at an early stage, nothing has been decided.” According to Reuters, Hyundai and Apple have been in discussions about a deal since at least 2018 but Tim Cook’s company has never publicly acknowledged it.
In the last few years, Apple also has $4s from the electric car maker Tesla. In June 2018, It hired a former Waymo and NASA engineer to head the project “Titan”.
However, in January 2019, the Silicon Valley-based tech giant cut more than 200 employees from Project Titan.
Five months later, Apple confirmed that it had acquired Drive.ai, a self-driving startup. Cook spent over $77 million on Drive.ai’s because, $4, he liked the talent in the startup than its proprietary technology.
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