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Apple Inc (NASDAQ:AAPL) plans to invest $3.6 billion in Hyundai Motor Company (OTC:HYMTF) subsidiary Kia Motors as a part of a collaboration on electric vehicles, Bloomberg reported Tuesday — citing South Korean media.
What Happened: The deal between the Tim Cook-led company and the Korean automaker may be signed on Feb. 17. The manufacture of the Apple Car is slated for 2024, according to South Korea's DongA Ilbo newspaper.
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The collaboration will reportedly result in the production of 100,000 autos per year. The vehicles are expected to be built at Kia’s Georgia plant in the United States.
Kia shares surged over 8.6% at press time in Seoul.
Why It Matters: Speculation has been rife over the iPhone maker's potential EV suitors. Last month, reports emerged that Apple was talking with Hyundai on a partnership related to EVs.
Hyundai had initially confirmed the reports but later the automaker said it was talking with multiple automakers.
TF Securities analyst Ming-Chi Kuo said on Tuesday that Apple’s first EV will likely be built on Hyundai’s E-GMP platform, which is made up of two motors and has a maximum range of 310 miles on a full charge.
Price Action: Apple shares closed almost 0.6% higher at $134.99 on Tuesday and gained 0.27% in the after-hours session. On the same day, Hyundai OTC shares closed 0.24% higher at $54.72.
Related Link: Apple Says Hardware Chief Will Work On 'New Project' Under Tim Cook — But Wouldn't Tell Us What It Is
Click here to check out Benzinga’s EV Hub for the latest electric vehicles news.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.