Apple eyeing $3.6 billion investment in Kia to make electric vehicles

Technology

According to the report (via Bloomberg), Apple may bring as much as 4 trillion won ($3.6 billion) to the table as part of a collaboration with Kia to build electric vehicles. The paper, which doesn’t name any sources, said a deal could be signed on February 17, adding that Apple wants to start making vehicles in Georgia in 2024 at a rate of 100,000 per year.

Both companies declined to comment on the matter when reached by Bloomberg.

Last month, a spokesperson for Hyundai confirmed that it had been in contact with Apple. It just so happens that Hyundai is the parent company of Kia, perhaps lending some validity to the latest rumors.

Just yesterday, respected Apple analyst Ming-Chi Kuo said in a note to investors that Apple could work with General Motors and PSA, one of the largest automakers in Europe, to launch subsequent models or to bring a standard design to other markets. Kuo even said he believes that Apple’s first vehicle will be based on the E-GMP battery electric vehicle (BEV) platform from Hyundai.

Share value in Kia is up nearly 10 percent as of writing while Hyundai is trading up almost three percent. Apple stock is down about half a percent today.