South Korea's Hyundai Motor Company (Hyundai Motor Co) said on Monday that it was working with Apple IncThe company has not yet negotiated cooperation on self-driving cars. Just a month ago, Hyundai confirmed that it had held preliminary talks with the technology giant.

Hyundai lost $3 billion in market value on Monday and its shares fell 6.2 per cent. Shares in its subsidiary, Kia Corp, fell 15%, wiping $5.5 billion off its market capitalization.

"We have received requests from a number of companies to jointly develop self-driving electric vehicles, but they are at an early stage and the company has not made any decision," Hyundai said on Monday. " "We did not negotiate with Apple Inc about self-driving cars."

Since Hyundai initially confirmed the media reports in early January, Kia's shares have risen 61%. Earlier media reports said Apple Inc and Hyundai were discussing developing self-driving electric cars by 2027 and developing batteries at US factories run by Hyundai or Kia.

Just last week, the media reported that the deal was nearing completion. South Korean media reported that the two sides are scheduled to sign the deal on February 17.

Although the share prices of Kia and Hyundai have soared on news of the negotiations, there is strong internal opposition to becoming a contract manufacturer for Apple Inc, according to people familiar with the matter.

Hyundai executives revealed in January: "We are worrying about what to do, whether it is done well or not." We are not a company that makes cars for others. "

Apple Inc and Hyundai first negotiated an automotive partnership in 2018, but progress was hampered by the carmaker's reluctance to work with foreign companies, another person familiar with the matter said earlier.