According to reports from Korean outlet DongA Ilbo (via Bloomberg), tech giants Apple could be ready to make a 4 trillion won ($3.6 billion) investment in Kia Motors to produce the rumoured Apple Car.
DongA Ilbo reported that a deal could be signed between the two companies as soon as February, 17. The report suggests Apple and Kia will launch the vehicle in 2024, with a goal of producing around 100,000 cars a year. This figure could then rise to around 400,000 vehicles in the following years.
Apple to invest $3.6 billion in Kia to make electric vehicles, DongA newspaper says https://t.co/52fPX3eEBv
— Bloomberg (@business) February 3, 2021
In terms of the actual vehicle, trusted Apple analyst Ming-Chi Kuo revealed potential specs for the much-anticipated car. According to Kia, the vehicle could feature a range of around 480 kilometres on a full charge, accelerate from 0-100km/h in just 3.5 seconds, and have a top speed of 250km/h.
The $3.6 billion investment will be used to build factories and facilities in the US state of Georgia to develop the new car.
Kia’s shares saw a substantial rise once the news broke that Apple could potentially be investing in the automaker. In fact, Kia Motors’ stock just had its best day in more than two decades after the rumours made international headlines. Kia’s shares reached an impressive 97,700 Korean won ($87.70) per share, which is the highest its ever been since August 1998, according to CNN Business.