Hyundai and Apple started talks over a car partnership in 2018. However, progress was hampered by Hyundai’s reticence on working with outsiders.
Hyundai stock slid 6.2%, wiping $3 billion off its market value. The announcement brings the curtain down on the potential tie up, with some executives raising concerns regarding becoming a contract manufacturer for the Apple in a tie up similar of electronics firm Foxconn’s role in producing devices for Apple such as the iPhone.
