Technobezz

Apple Plans to Invest $3.6 Billion in Kia Motors for the Production of the Apple Car

There is speculation about Apple planning to invest 4 trillion won ($3.6 billion) in Kia Motors for the production of the Cupertino based global tech giant’s dream project, the ‘Apple Car’. The two multi-national companies are about to come together to manufacture units of this electric vehicle together.

Kia Motors, an affiliate company of Hyundai, will soon formalize a deal with Apple which would lead it towards producing Apple Cars at its production facility based in Georgia. According to reports, Apple is expected to sign a formal agreement with Kia Motors on February 17. While there is no confirmation as to when the production will start, the companies expect to roll out the Apple Cars in the market by the year 2024.

Trade experts, though, differ on this. According to them, it would take at least 5-7 years for the Apple Car to be ready and arrive in the market. Apple and Kia are planning to manufacture 100,000 electric vehicles every year once the production process takes off. The production figures might, of course, fluctuate depending on the sales of the vehicle.

In the recent past, several reports have pointed at a possible partnership between Apple and Hyundai. The reports also emphasize the point that the product will be primarily handled by Kia. Since Apple has no experience in automobile manufacturing, it thought of getting into a partnership with a company that was well-versed with these processes and would help it realize its dream of producing an ‘Apple Car’ sooner.

The partnership will also benefit Kia Motors as it has large-scale production facilities that would be sufficiently engaged once the production process for the Apple Car comes into force. A couple of weeks back, Korea IT News had published a report stating that the production of these proposed electric vehicles would take place at Kia’s Georgia factory.

When the rumors about a collaboration between Apple and Hyundai first came to the forefront, Hyundai was quick to clarify that it was still discussing the logistics with Apple and nothing had been formalized. A while later, Hyundai put out a revised statement that had no mention of Apple.

Recently, leading tech analyst Ming-Chi Kuo claimed that Apple is very positive about partnering with Hyundai and will be using the latter’s E-GMP battery electric vehicle platform for its maiden vehicle chassis. He also confirmed the reports about Apple using the production factory of Kia in Georgia for the manufacturing process. The Apple Car will most likely be launched in the US first before being distributed in other countries. Kuo estimates that this electric vehicle by Apple and Hyundai should arrive in the market by 2025.

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