Hyundai shares declined 6.21 percent in South Korea as a direct result of these filings, while Kia shares fall by about 15 percent. Reports of the possible partnership of Hyundai as well as Kia with Apple over the last few weeks have contributed to a surge in demand for shares in both companies. However, for both Hyundai and Kia, this news may lead to a further decline in shares.
Earlier, in January of this year, Hyundai released a statement stating that it was still in early stage negotiations with Apple, but later withdrew its statement. The intention of Apple to keep its future ventures under wraps is well known, and that may have played a part in the breaking down of talks between the two firms.