Ⓒ JoongAng Ilbo / JoongAng Ilbo Japanese version2021.02.09 08:13
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Hyundai Motor Group and Apple’s “Apple Car” production talks have been suspended or failed. Hyundai Motor Co., Ltd. and Kia Motor Co., Ltd. announced on the 8th that they are not proceeding with discussions on the development of self-driving cars with Apple through the KOSPI market announcement. Hyundai Motor added, “We have received requests for joint development cooperation related to self-driving electric vehicles from a number of companies, but none have been decided in the early stages.” Kia said, “We are considering cooperation with many overseas companies in relation to self-driving electric vehicles, but no decision has been made yet.”
Hyundai Motor Co., Ltd. did not mention Apple in a public announcement on the 8th of last month, saying, “We have received requests for joint development cooperation related to self-driving electric vehicles from many companies, but none have been decided in the early stages.” Hyundai Motor and Kia Motor officials closed their mouths saying, “There is nothing to reveal other than the public announcement.” It seems that executives and employees will be thoroughly stopped in consideration of the impact of the Apple Car talks breaking or interruption. “(Hyundai Motor and Kia Motor) have definitely drawn a line against excessive expectations,” said Lim Eun-kyung, a researcher at Samsung Securities.
In the KOSPI market on the 8th, Hyundai Motor Group-related stocks plummeted all at once. The market capitalization of the Hyundai Motor Group on this day evaporated by 13.4 trillion won (about 1.261.9 trillion yen) in one day. Hyundai Motor closed at 234,000 won, down 6.21% from the previous day. Kia was down 14.98%, Hyundai Mobis was down 8.65%, Hyundai Wia was down 11.9%, and Hyundai Glovis was down 9.5%. The market capitalization of the five listed companies of the Hyundai Motor Group was 125,443.9 billion won, a decrease of 9.7% from the previous day. KOSPI closed 3100 points again at 3091.24, down 0.94% from the day before.
From the 8th to the 5th of last month, when the theory of cooperation between Hyundai Motor Group and Apple came out, individual investors bought over Hyundai Motor shares worth 915.7 billion won. Hyundai Motor Group-related stock purchases by individual investors, including Kia Motor, Hyundai Mobis, Hyundai Wia, and Hyundai Glovis, amounted to 2,813.9 billion won. During the same period, more than 13% of the 21.254.6 trillion won of net purchases by individual investors in the entire KOSPI market gathered in Hyundai Motor Group-related stocks.
Kia was the number one stock for individual investors to buy in the KOSPI market on the 8th. On this day, individual investors bought over Kia Motor Co., Ltd. worth 240.5 billion won. Hyundai Mobis ranked second with net purchases of 170 billion won and Hyundai Glovis ranked fourth with 60.6 billion won. Institutional investors and foreign investors, on the other hand, sold over 500 billion won in Hyundai Motor Group-related stocks.
Bloomberg reported on the 5th that talks between Hyundai Motor and Apple were recently suspended because Hyundai Motor broke the principle of “confidentiality” with Apple. “Apple got angry,” Bloomberg said. “Hyundai Motor had to respond appropriately (in the initial report of the cooperation theory with Apple), but there is an aspect of responding immaturely in the early stages,” said Lee Hung, a researcher appointed by South Korean automobile researcher. He added, “I was talked about in foreign news for a month, but I denied it myself and damaged the corporate image. It will affect the future partnership with global companies.”
When choosing a business partner, such as a partner, Apple says that the closer it is to mysticism, the more security it emphasizes, and in some cases it can impose hundreds of millions of dollars in penalties for violating nondisclosure principles. Apple’s “Project Titan” is expected to be underwater for the time being. This is because Apple’s self-driving car business can further emphasize confidentiality to partner companies.
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