Apple is planning to invest 4 trillion won ($3.6 billion) in Kia Motors as a part of a planned Apple Car manufacturing partnership, says a report from Korean site DongA Ilbo (via Bloomberg).
Kia, which is a division of Hyundai, is reportedly working with Apple to establish a production relationship that will result in Kia building Apple Cars at its Georgia facility in the United States.
A deal could be signed as soon as February 17, as the duo are targeting a 2024 release timeframe for the Apple car. Apple and Kia have a target production rate of 100,000 vehicles per year when manufacturing goes into full swing.
We’ve seen multiple reports of a partnership between Apple and Hyundai, with the Korean automaker’s Kia subsidiary handling manufacturing.
A January 19 report indicated Apple Car production would be handled by Hyundai’s Kia brand, at its U.S. factory in Georgia. Apple would design the components used and they would be sourced from a variety of sources.
A January 8 report claimed Apple and Hyundai are in talks to work together in building the Cupertino firm’s Apple Car. The report indicated that Apple is in negotiations with the Korean carmaker to not only manufacture an electric car but to also develop batteries, due to the “enormous costs” of the technology and the production facilities required.
While Hyundai initially confirmed the discussions in a statement to CNBC, but revised the statement shortly after to include no mention of Apple.
Conflicting reports have been released over the last month or so, with Reuters claiming Apple Car production could kickoff around 2024, soon followed by a Bloomberg report that the Apple Car won’t be ready for production for another five to seven years.