Hyundai, Kia Motors shares collapse after shutting deal with Apple

Feb 09, 2021 AlShorts Web Desk

South Korean automakers Hyundai Motor and Kia Motors put a hold on talks with Apple about building an electric vehicle. After confirmation of the news, shares of Hyundai Motor fell 6.21%, wiping off USD3 billion in market value on Monday while Kia Motors slid around 15%, a USD5.5 billion hit for the company. As per reports, it is still unclear whether discussions among companies will resume or not.