Some 12 executives at Hyundai Motor are accused of selling their stocks in the Korean automaker before the news of the project with Apple being canceled was made public. The executives are reported to have pocketed 830 million won.
Hyundai Motor and four related companies, including Kia and Hyundai Mobis, lost 13.5 trillion won ($12 billion) of market capitalization on Monday as the Korean automaker said it is not in talks with Apple to collaborate on the Apple car.
Hyundai Motor, Kia and auto parts affiliate Hyundai Mobis said Monday they are not currently in talks with Apple to develop an Apple car.
Kia’s share price hit a new all-time high on Wednesday after news reports Tuesday evening that it might be collaborating with Apple to make the so-called Apple car.
Hyundai Motor and Apple may be planning to work together on making a self-driving electric car.
Shares of Hyundai Motor and its related companies shot up on Friday morning on news that the automaker and Apple are going to cooperate on developing electric vehicles and battery technology.