Hyundai, Kia says Apple car deal now off

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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.

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