Just a month after it was reported that a potential collaboration with Apple in producing electric trains was reported, South Korean vehicle manufacturers, Hyundai Motor and Kia Motor announced they were no longer in the business discussion.
Following on, Hyundai's shares lost 6.2%, witnessing a loss of as much as $ 3 billion while Kia's shares shrank by 15%, bringing in losses of about $ 5.5 billion.
At one notice, Hyundai Motor has received numerous requests from several firms to collaborate on the manufacture of electric trains. However, so that now there are still no broken words, it is just starting in the initial phase.
Last month, Hyundai announced they were in the early stages of a conversation with Apple about electric train earnings, bringing stock spikes to the two firms on the same day.
And also this month, CNBC reported that Apple has almost formulated an agreement with Hyundai-Kia to issue an electric train with the chosen installation location in West Point, Georgia.
On the other hand, this applies if the two parties seem to have failed to reach an agreement and Apple is said to be willing to cooperate with other vehicle manufacturers besides Hyundai.
According to the chairman of the branch of Daiwa Capital Markets, Sung Yop Chung, there may be a conflict between them in which Hyundai-Kia does not want to just be a subcontractrator of Apple, where they also expect to benefit from Apple's power in charging.
To be clear, the worst situation for Kia's stock might be corrected to 31%.
