Apple is going to invest 3.6 billion dollars (nearly 3 billion euros) in the Korean car maker Kia Motors to build an electric car. The plans are for the cars to roll off the line in 2024.
Apple has long been associated with Kia for the development of their ‘Apple Car’. First, the company was linked to Hyundai, Kia’s parent company. Later reports made it clear that Apple is likely to work with Kia sooner. They already have factories in the United States itself and Hyundai prefers to keep their own brand name for their own cars.
Korean website DongA Ilbo (via Bloomberg) is now announcing Apple’s heavy investment in Kia Motors. According to them, this deal would be made official on February 17. Kia and Hyundai as well as Apple itself refuse to comment on the rumors for the time being.
100,000 cars per year
The report states that Apple plans to launch the Apple Car in 2024. Initially, 100,000 cars would be made annually, but that number can later be increased to 400,000 units.
Apple’s money will be used to build exclusive facilities for the production and development of Apple Car.
According to Apple analyst Ming-Chi Kuo, the company has plans for two models of the Apple Car. The top model would have a range of 450 kilometers. It will also be able to go from 0 to 100 kilometers per hour in less than 3.5 seconds and have a top speed of 260 kilometers per hour.