Apple To Invest $3.6 Billion In Kia Motors To Manufacture Apple Car

According to South Korean news site DongA Ilbo, Apple will invest $3.6 billion in Kia Motors as part of a joint Apple Car production plan in the US.

The site stated that the iPhone maker and Kia (a subsidiary of Hyundai) would work together to manufacture the new car at a company’s plant in Georgia, USA. The two companies will likely sign a joint agreement on February 17. The goal is to launch the Apple Car by 2024. The original plan is to produce around 100,000 vehicles per year.

Last month, many reports said that Apple was in talks with Hyundai to produce the electric vehicle. Initially, Hyundai confirmed that it was in discussion with Apple. However, the company then changed its statement, saying that it was contacting a major partner in electric vehicle development.

Bloomberg reports that Apple’s electric vehicle development is still in its early stages, and it will take the company about half a decade to launch a self-driving car. This suggests that the company is in no rush to decide on its partners.

The Apple Car will go head to head with rivals like Tesla and emerging companies like Lucid Motors and China’s Nio Inc. That is not to mention well-known automakers like Volkswagen and Daimler AG. Setting up a car factory can take years and cost billions of dollars. That is why Apple searches for a partner like Hyundai.

Many other tech firms have also ventured into the electric car playground. iPhone assembler Foxconn Technology said that it had established a joint venture with Chinese automakers Zhejiang Geely Holding Group to provide manufacturing capabilities and consulting services to car manufacturers around the world.

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