South Korean automaker Hyundai Motor Co on Sunday denied a report that it had signed a preliminary deal with Chinese technology firm Tencent Holdings to develop software for driverless vehicles.

Hyundai's comments come a day after South Korea's Maeil Business Newspaper cited unnamed industry sources on Saturday saying that the two companies planned to conduct joint research and development on safety and security systems for self-driving cars, which Hyundai seeks to roll out commercially by 2030.

Both companies had not offered any immediate comments on Saturday.

Hyundai said in a statement on Sunday that its cooperation with the Chinese tech giant was focused on infotainment. Modern cars have so-called infotainment systems on a screen below the dashboard to provide services such as navigation and music.

South Korean automaker Hyundai Motor Co on Sunday denied a report that it had signed a preliminary deal with Chinese technology firm Tencent Holdings to develop software for driverless vehicles.

South Korean automaker Hyundai Motor Co on Sunday denied a report that it had signed a preliminary deal with Chinese technology firm Tencent Holdings to develop software for driverless vehicles. Hyundai's comments come a day after South Korea's Maeil Business Newspaper cited unnamed industry sources on Saturday saying that the two companies planned to conduct joint research and development on safety and security systems for self-driving cars, which Hyundai seeks to roll out commercially by 2030. Both companies had not offered any immediate comments on Saturday. Hyundai said in a statement on Sunday that its cooperation with the Chinese tech giant was focused on infotainment. Modern cars have so-called infotainment systems on a screen below the dashboard to provide services such as navigation and music.

Hyundai Motor denies tie-up with Tencent on driverless car software

Tesla took a step closer toward establishing an electric vehicle manufacturing plant in China with its announcement that it is in exploratory talks with the Shanghai municipal government.

Tesla has said it wants to build electric cars in China to avoid a 25 per cent tariff on imported vehicles. The company did not provide a timeline for setting up a China plant but said it expects to &quot;more clearly define&quot; its China production plans by the end of the year.

Tesla shares closed up 1.7 percent at $382.61 in Thursday trading.

China&#39;s central government requires foreign companies such as Tesla to have a Chinese partner in new auto manufacturing ventures, with the foreign company owning no more than 50 per cent.

Tesla did not say which companies it might partner with, sparking rampant online speculation. At least three companies, Shanghai Electric Group Co, Shanghai Lingang Holdings and Tianjin Motor Dies reported in exchange filings that they were not in touch with Tesla about its plans in response to media reports implicating them.

Much of the speculation has centered on Tencent Holdings, the internet giant that is China&#39;s largest company. Earlier this year, Tencent acquired a five per cent stake in Tesla for $1.8 billion.

Tesla has not said which vehicles it plans to build in China. However, a supplier familiar with the company&#39;s thinking said it was considering the Model 3 sedan and a crossover companion called Model Y. The Model 3 is slated to begin production in July at Tesla&#39;s Fremont plant in California, with the Model Y tentatively scheduled to follow in mid-2019.

In a separate but related development, US Trade Representative Robert Lighthizer, he was concerned about Ford Motor&#39;s announcement that it will move some production of its Focus small car to China and import the vehicles to the United States.

&quot;If it happened for reasons that are non-economic reasons, then I think the administration should take action,&quot; Lighthizer told US lawmakers.

Tesla is the most valuable US automaker, with a market capitalization of more than $60 billion, but it has yet to turn an annual profit.

Tesla has said it wants to build electric cars in China to avoid a 25 per cent tariff on imported vehicles

Tesla took a step closer toward establishing an electric vehicle manufacturing plant in China with its announcement that it is in exploratory talks with the Shanghai municipal government. Tesla has said it wants to build electric cars in China to avoid a 25 per cent tariff on imported vehicles. The company did not provide a timeline for setting up a China plant but said it expects to "more clearly define" its China production plans by the end of the year. Tesla shares closed up 1.7 percent at $382.61 in Thursday trading. China's central government requires foreign companies such as Tesla to have a Chinese partner in new auto manufacturing ventures, with the foreign company owning no more than 50 per cent. Tesla did not say which companies it might partner with, sparking rampant online speculation. At least three companies, Shanghai Electric Group Co, Shanghai Lingang Holdings and Tianjin Motor Dies reported in exchange filings that they were not in touch with Tesla about its plans in response to media reports implicating them. Much of the speculation has centered on Tencent Holdings, the internet giant that is China's largest company. Earlier this year, Tencent acquired a five per cent stake in Tesla for $1.8 billion. Tesla has not said which vehicles it plans to build in China. However, a supplier familiar with the company's thinking said it was considering the Model 3 sedan and a crossover companion called Model Y. The Model 3 is slated to begin production in July at Tesla's Fremont plant in California, with the Model Y tentatively scheduled to follow in mid-2019. In a separate but related development, US Trade Representative Robert Lighthizer, he was concerned about Ford Motor's announcement that it will move some production of its Focus small car to China and import the vehicles to the United States. "If it happened for reasons that are non-economic reasons, then I think the administration should take action," Lighthizer told US lawmakers. Tesla is the most valuable US automaker, with a market capitalization of more than $60 billion, but it has yet to turn an annual profit.

Tesla moves a step closer to building electric cars in China

According to a Bloomberg report, Tesla has entered into an&nbsp;agreement with the city of Shanghai to produce electric cars in China.

It will build its facilities in Lingang development zone and come as soon as this week. &nbsp;This will be Tesla&#39;s first attempt at producing electric cars in China.&nbsp;

The electric carmaker&#39;s revenue from China tripled to more than $1 billion last year. It will need to set up a joint venture with at least one local partner under existing rules. 
Tesla was not immediately available for comment.

In March, Tencent Holdings, China&#39;s biggest internet company, bought a 5 per cent stake in Tesla for $1.8 billion.

Tesla will build its facility at Linganag development zone

According to a Bloomberg report, Tesla has entered into an agreement with the city of Shanghai to produce electric cars in China. It will build its facilities in Lingang development zone and come as soon as this week. This will be Tesla's first attempt at producing electric cars in China. The electric carmaker's revenue from China tripled to more than $1 billion last year. It will need to set up a joint venture with at least one local partner under existing rules. Tesla was not immediately available for comment. In March, Tencent Holdings, China's biggest internet company, bought a 5 per cent stake in Tesla for $1.8 billion.

Tesla to set up first production plant in China