[Featured Stock] Official Denial of 'Apple Car'... Auto Parts Stocks Fall Together

[Asia Economy Reporter Ji Yeon-jin] Automobile parts stocks, which surged earlier this year, are sharply falling in the stock market on the 8th.

At 10 a.m. on this day, Dongwon Metal was trading at 1,170 won, down 16.73% from the previous session. Hwashin also recorded a 14.42% drop to 5,580 won. Hyundai Wia, an automobile parts company affiliated with Hyundai Motor, was trading at 87,800 won, down 10.78%, and Maxlotec, a company producing automotive systems, fell 10% to 999 won.

Hyundai Mobis, the leading automobile parts company expected to be in charge of parts development if the Apple Car project proceeds, is down more than 8% from the previous session.

The decline in automobile parts stocks is interpreted as stemming from the official denial by domestic automakers regarding negotiations with Apple Car. On this day, Hyundai Motor and Kia Motors announced at the start of trading, "We are reviewing collaboration with multiple overseas companies related to autonomous electric vehicle business, but nothing has been decided yet," and "We are not conducting discussions with Apple regarding autonomous vehicle development."