Hyundai appeared to have a shiny new Apple (AAPL) - Get Apple Inc. Report in its pocket on Thursday after announcing it was partnering with the Cupertino, Calif.-based computer and technology giant to produce the highly anticipated Apple Car.
And then it reversed course.
The Korea-based automaker on Friday backed away from a statement confirming it was in preliminary talks with Apple on developing a self-driving car, quickly shifting gears to say it has received requests from a number of technology suitors.
The initial statement sent shares of Hyundai soaring 19%, though the company walked back that announcement within hours, removing all references to Apple and saying instead in a revised release that it has been contacted by multiple potential partners for the development of autonomous electric vehicles.
Hyundai’s apparent slip of the proverbial tongue caused a big stir in a relative short period, not only because of how investors reacted to the initial news but because of Apple's notoriously tight-lipped approach to announcements and partnerships - leaks of which have drawn severe rebuke from the Cupertino, Calif.-based company.
To be sure, well-known Apple watcher Dan Ives with Wedbush Securities was quick to note that even if the talks with Hyundai come to fruition Apple still may reach deals with other automobile makers, possibly even with Tesla (TSLA) - Get Report.