Analyst Ming-Chi Kuo shed some details on Apple’s partnership with Hyundai for developing its highly anticipated electric car that will be based on the Korean automobile giant’s E-GMP platform for EVs. Now, as per a report from Korea’s DongA.Com, Apple is in talks to invest a KRW 4 trillion (~ $3.6 billion) in Hyundai’s Kia subsidiary. The contract will reportedly be signed later this month (likely on February 17) after talks between the two companies began last month.
As per the report, Kia will handle the Apple Car project as Apple aims to set up exclusive production units at Kia’s facility in Georgia. More importantly, Apple has reportedly set a target of 2024 to debut its electric vehicle, and aims to produce 100,000 units of its electric car per year. Overall, Apple is said to have planned an initial run of 400,000 units for its first electric car. And to achieve those numbers, Kia is expected to build a dedicated production line for Apple’s EV.
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