Apple Expected to Invest $3.6 Billion in Kia Motors to Produce EVs

The day Elon Musk has been dreading may come a lot sooner than anticipated: Apple Inc has agreed to collaborate with Kia Motors Corp to produce electric vehicles sometime in 2024, which are expected to be a direct competitor to Tesla.

According to DongA Ilbo newspaper, and later cited by Bloomberg, Apple will invest $3.6 billion in Kia Motors to set up production of Apple cars at the automaker’s plant in Georgia, US. The deal is expected to be signed on February 17, with the first Apple cars being introduced three years later. The newspaper notes that Apple will initially target a production level of 100,000 vehicles annually.

Recent announcements regarding Apple’s entrance into the EV market has created a significant amount of speculation regarding potential manufacturing partners the iPhone maker could turn to. Building a production plant can come with a multi-billion dollar price tag, and significantly extend the duration before cars hit the market, which is likely the reason why Apple has looked to Kia for a partnership.


Information for this briefing was found via Bloomberg. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Baselode Energy To Acquire Forum Energy: The Merger Of Equals Deal

TriStar Gold: The Revised Castelo de Sonhos Prefeasibility Study

Gold is Up 30%, But the Real Bull Market is Only Starting Now! | Adrian Day

Recommended

ESGold To Expand Mine Building At Montauban In Advance Of Gold & Silver Production

Goliath Resources Expands 2025 Drill Program To 60,000 Metres

Related News

Ford, SK Innovation Enter Joint Venture To Build Two Electric Vehicle Battery Factories

Ford Motor Company (NYSE: F) and South Korean battery maker SK Innovation (KRX: 096770) announced...

Friday, May 21, 2021, 02:28:00 PM

What Elon Musk Might Be Missing About “Free Speech”

In the age where information is at everyone’s fingertips, disinformation is fast catching up. The...

Tuesday, November 29, 2022, 02:25:00 PM

Is There A Coordinated Effort on Meta’s Threads To Discredit Apple Amid Privacy Shift?

The social media platform Threads, owned by Meta Platforms (NASDAQ: META), has witnessed a surge...

Wednesday, January 3, 2024, 04:17:00 PM

China Probes Apple Contractor Foxconn As Firm Founder Runs For President In Taiwan

Chinese state media reported on Sunday that an investigation has been launched into Apple iPhone...

Tuesday, October 24, 2023, 12:56:00 PM

Apple Launches Savings Account That Yields “10 Times The National Average”

Apple Inc (Nasdaq: AAPL) has unveiled a new way for Apple Card customers to enhance their...

Tuesday, April 18, 2023, 11:36:00 AM