According to a Reuters report, as well as some South Korean media, Kia has inked a $3.59 billion deal with Apple to build its long-awaited electric vehicles. It was reported in several South Korean media outlets that Apple would invest $3.6 billion in Kia as they collaborate to produce Apple’s electric vehicles at Kia’s huge West Point, Georgia plant.
Apple is targeting the production of 100,000 vehicles annually by 2024 at the Kia plant, aiming to expand that annual capacity to 400,000 at a later point according to the reports.
Both Apple and Kia’s parent company Hyundai, declined to comment when contacted by Reuters, but Hyundai has been rumored to be working on a deal with Apple for some time. According to a Hyundai insider, Hyundai Motor Group “tentatively decided” that Kia would partner with Apple to build its electric cars in the U.S.