Alphabet's (GOOGL.US) subsidiary Waymo is in talks with Hyundai to produce self-driving taxis.

According to reports, Alphabet's Waymo is in negotiations with Hyundai Motor of South Korea to outsource the manufacturing of self-driving cars. The report states that Waymo and Hyundai's management have met more than three times to discuss plans to use Hyundai's Ioniq 5 electric cars for Waymo's sixth-generation self-driving technology. Waymo declined to comment on market speculation. Hyundai Motor Group, when asked about plans to sell its car platform to self-driving technology companies, stated: "New business has not yet been determined at this stage." Earlier this year, Hyundai Motor Group's self-driving technology subsidiary, Motional, postponed its plan to launch the next generation of Hyundai Ioniq 5 self-driving taxis to 2026, as it laid off hundreds of employees in the United States. Waymo has purchased vehicles from Stellantis NV and Jaguar Land Rover, integrating its technology into the base vehicles to provide autonomous ride-hailing services in Phoenix, San Francisco, and Los Angeles. Alphabet stated in July of this year that it plans to invest $5 billion in Waymo over the next few years to expand its autonomous ride-hailing service area.