According to the Zhitong Finance APP, Waymo, a subsidiary of Alphabet (GOOGL.US), is negotiating with Hyundai Motors of South Korea for the outsourcing of manufacturing autonomous vehicles.

The report states that the management of Waymo and Hyundai Motors have met more than three times to discuss plans to use Hyundai's Ioniq 5 electric vehicle for Waymo's sixth-generation autonomous driving technology.

Waymo refused to comment on market speculation.

Hyundai Motor Group stated that it has not yet determined new business plans regarding selling its vehicle platform to autonomous driving technology companies.

According to reports, earlier this year, Motional, a subsidiary of Hyundai Motor Group, postponed its plan to launch the next generation of the Hyundai Ioniq 5 autonomous taxi until 2026 due to layoffs of hundreds of employees in the United States.

Waymo has purchased vehicles from Stellantis NV (STLA.US) and Jaguar Land Rover, and has integrated its technology into the base vehicles to provide autonomous ride-hailing services in Phoenix, San Francisco, and Los Angeles.

Alphabet announced in July this year that it plans to invest $5 billion in Waymo over the next few years to expand its autonomous ride-hailing service area.