The potential tie up was first reported in local media last month, with whom die confirming the talks were at a preliminary stage.

It's a Philip Kier was also reportedly involved in the discussions to develop electric cars, a new battery technology, by 2027.

The initial report sent shares in both automakers soaring, but they tumbled on Monday after it was confirmed the talks have been paused.

In separate regulatory filings, Hyundai and Kia both said quote, We're not having talks of Apple on developing autonomous vehicles.

Apple typically insists on strict secrecy from its potential partners.

The iPhone maker has never acknowledged it was in talks of Hyundai about building vehicles.