Apple to invest $3.6BN in Kia for Apple Car production: Report

The latest development in the Apple Car saga says the tech giant and Kia are close to signing a big deal that would finally bring the much-hyped electric vehicle (EV) to life.

According to a report in the South Korean news publication Dong-A (via Bloomberg), Apple will pay Kia (an affiliate of Hyundai) around 4 trillion won ($3.6 billion) to use the automaker’s U.S. facilities in Georgia.

Without citing sources, the report also claimed the deal would target an initial production rate of 100,000 cars per year. Production would aim to begin in 2024, eventually ramping up to as many as 400,000 units per year.

The two companies could announce the deal as early as February 17, 2021.

Shares for Kia Motors Corp. jumped nearly 15% after the news was announced.

After years of rumoured development, the idea of an Apple Car coming to life has gained momentum in recent weeks. Last month Hyundai confirmed it was in early talks with Apple about developing the Apple Car.

The automaker retracted the statement soon after, only saying it was in talks with a number of parties about the development of electric cars.

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