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Apple and Kia were previously reported to be teaming up to build the Apple electric car, but there was no follow-up information since then. This week, a local Korean newspaper published an article about the plans for partnership, and it was said that the two companies are finally close to sealing the deal.
Apple and Hyundai/Kia’s agreement
This means that Apple and Kia’s collaboration is pushing through, and once the contract is finalized and duly signed, they will begin building the Apple Car that has long been speculated.
A source told CNBC that the deal is now in the final stage, and this team-up is expected to produce a line of Apple brand autonomous EVs that will be manufactured at the Korean carmaker’s assembly plant located in Georgia, U.S.A.
For years the rumor about the Apple car has been going around, and it was only last month when Hyundai/Kia automotive group confirmed that they are in touch with Apple, but the reason for this was not divulged. Since then, it was rumored that Kia will be helping the American tech company with its venture and entrance into the electric car-making business.
Now that the Apple and Kia partnership is confirmed to go ahead, CNBC further noted that the Korean paper mentioned that the production of Tim Cook’s company’s first EV will begin in 2024. The deal between the two firms is said to worth around $3.6 billion.
Apple continues to negotiate with other automakers
Then again, despite the collaboration with Kia, it was reported that Apple is still talking to other carmakers and negotiating to have many sources. Still, Kia/Hyundai will remain the primary partner in the Apple car project.
The one that Apple will build is a completely autonomous one. Together with Kia, they will build a vehicle that doesn’t need a driver.
“Apple Cars will not be designed to have a driver,” the insider revealed. “These will be autonomous, electric vehicles designed to operate without a driver and focused on the last mile.”
Meanwhile, Reuters reported that the news about the tie-up with Apple sent Kia’s shares racing upward. The 14.5% increase was the company’s highest since 1997, so it appears that the partnership is a good investment for both sides.
