Apple Car Could Be Made By Kia In US: Report

Apple Inc.’s AAPL electric vehicles could be made by Kia Corp. at the latter’s manufacturing facility in the United States, according to a report from the Korean outlet eDaily.

What Happened: Local media reports earlier this month suggested Hyundai Motor Company HYMTF was in advanced discussions with Apple on partnering on the latter's self-driving electric vehicles.

Hyundai initially confirmed the reports but later backtracked, saying it was in talks with multiple automakers.

According to the latest eDaily report, Hyundai has internally chosen subsidiary Kia to be responsible for making the Apple cars, Apple Insider noted first.

If Kia chooses to take control of the project, the company could make the Apple EVs at its Georgia factory in the U.S., the eDaily report says, as per Apple Insider.

See Also: Apple Could Be Looking At More Partnerships In EV Quest: Analyst

What’s Next: Kia shares spiked as much as 20% on Wednesday in Seoul after the eDaily report.

The automaker in a regulatory filing the same day said it was reviewing cooperation on self-driving EVs with multiple foreign firms and didn’t mention Apple.

Price Action: Apple shares closed 0.54% higher at $127.83 on Tuesday and surged another 0.27% in the after-hours session.

Read Next: Tesla Faces 'Formidable Bear Case' Over Apple's EV Plans, Says Morgan Stanley

Click here to check out Benzinga's EV Hub for the latest electric vehicles news.

Market News and Data brought to you by Benzinga APIs
Posted In: NewsRumorsTechMediaeDailyelectric vehiclesEVsKia Motorsself-driving vehicles
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!