South Korea’s top automaker Hyundai Motor on Friday denied a rumor that it is about to establish a joint venture with US tech giant Google to develop a self-driving service.

“The corresponding (rumor) is unfounded,” said an official of the company, denying the reports by a local news outlet.

“Hyundai Motor will initially spin off one of its departments, in which Google will invest to establish a joint venture,” the report claimed, adding that the new organization will be dedicated to the research and development of unmanned car services.

The carmaker’s stock price as of 12:30 p.m. Friday stood at 233,500 won ($207), up 6.62 percent from the previous day. The uptrend was also partly attributable to its announcement Thursday that car sales in March climbed 22.4 percent on-year to 375,924 units.

Earlier this year, the auto company’s stock price jolted amid reports of an alleged partnership with Apple to build the “Apple Car” fully autonomous vehicle. Hyundai Motor and its sister brand Kia later denied the reports, saying they are “not in talks” with Apple on the subject.

By Bae Hyun-jung (tellme@heraldcorp.com)