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Hyundai Executives Under Investigation for Stock Sale After Apple Car Leak

Everybody knew that Apple was working on a car, but earlier this year, someone at Hyundai has accidentally confirmed the project, revealing the South Korean automaker was in talks with the American firm over the manufacturing of the EV.
Hyundai is no longer in talks with Apple over the Apple Car production 1 photo
News that Hyundai might be working with Apple on such an ambitious project generated a massive spike in the carmaker's stock price (though the price went down just after people familiar with the matter revealed the end of the negotiations).

And according to a Korean report, some 12 Hyundai executives might have used this price surge for their own benefit, as they disposed of their stocks shortly after the talks with Apple were revealed by mistake.

Now, the “by mistake” part caught the attention of South Korea’s Exchange authorities, as they have now launched an investigation to determine if there’s any connection between the stock sale and the undisclosed information that went public.

As it turns out, the 12 executives sold stock worth 830 million won, which for our American readers means close to $740,000.

Sources close to the matter said Apple intentionally dropped the talks with Hyundai after the carmaker spilled the beans on the project. The iPhone maker is known as a company that insists on keeping everything secret until the official announcement.

Since then, Apple has reportedly been trying to get in touch with a series of other carmakers to discuss a possible manufacturing collaboration, including with Nissan, but the talks in this regard are yet to come to a conclusion.

In the meantime, another plan is gaining more traction, as Apple could eventually turn to iPhone contract manufacturer Foxconn to produce the Apple Car. Foxconn is currently planning a new North American plant specifically for the manufacturing of EVs. It’s believed this could be the location where the Apple Car would eventually be born.

 
 
 
 
 

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