Apple is reportedly investing $3.6 billion in a strategic partnership with Kia Motors to build Electric vehicles.
According to a local South Korean media report, DongA Ilbo, the iPhone maker plans to set up production with Kia and build the Apple cars at Kia’s facility in Georgia, U.S. The report went on to add that the companies may sign a deal on Feb. 17 and aim to introduce Apple cars in 2024, with an initial target to produce 100,000 autos a year.
In recent times, Apple has been working on building a self-driving car for consumers and is targeting 2024 to produce the vehicle. Some weeks ago, it was reported that Apple was working with Hyundai, an affiliate of Kia and the product has been in development for a while now under the codename Project Titan.
CNBC’s report also corroborates story, by saying that Apple is close to finalizing a deal with Hyundai-Kia to manufacture an Apple-branded autonomous electric vehicle
Apple has not confirmed the story but the decision to build a car opens the potential to tap a global auto and mobility market valued at $10 trillion
