Apple, Hyundai not in talks on car development

South Korea's Hyundai said Monday it was not in talks with Apple about developing self-driving cars.

The potential tie-up was first reported in local media last month, with Hyundai confirming the talks were at a preliminary stage.

Its affiliate Kia was reportedly also involved in the discussions to develop electric cars and new battery technology by 2027.

The initial reports sent shares in both automakers soaring, but they tumbled on Monday after it was confirmed the talks had been paused.

In separate regulatory filings, Hyundai and Kia both said, "We are not having talks with Apple on developing autonomous vehicles."

Apple typically insists on strict secrecy from its potential partners.

The iPhone maker has never acknowledged it was in talks with Hyundai about building vehicles.

In December Reuters reported that Apple was moving ahead with self-driving car technology, and aimed to produce a model of its own as early as 2024.