Apple and Kia are close to signing a $3.6 billion deal to make electric cars: Rumor

A new report has revealed that Apple and Kia are nearing an agreement that would have the former invest $3.6 billion in the latter for the future production of electric vehicles.

The Cupertino-based giant is apparently planning to work with the Hyundai subsidiary, Kia, on its production site in Georgia, USA, according to a DongA report (Via GSMArena). The iPhone manufacturer is reportedly expecting its large investment in electric vehicle production to start by 2024. Apple aims to produce 100,000 cars per year, with the number increasing to 400,000 units per year for future expansion.

The report comes from sources close to the matter, who said that Apple is leaning towards Hyundai as its primary partner to enter car manufacturing. The main reason for this is because of the electric vehicle platform of the automobile giant, E-GMP, along with its production facilities in the US and the alleged ability to start production by 2024. Kia will be responsible for handling the process of production and production.

Apple will, meanwhile, be in charge of self-driving or autonomous systems. This would include software, hardware, user experience, semiconductors, battery technologies, and other aspects. In addition, Apple and Hyundai have been in talks for a while now about the production of electric vehicles. It is currently unclear whether the deal is set in stone as reports claim that the execs of the automobile manufacturer are still evaluating the deal, while other news reports claim that the company is more than willing to enter into the deal. So for more updates on this matter, stay tuned.