The shares of manufacturer Kia Motors, an affiliate of Hyundai, soared 14.5% after the media reported a possible $ 3.6 billion investment by Apple – reaching the highest level since 1997. According to information released by the South Korean website DongA Ilbo, the contribution is part of a partnership for the production of Apple cars.
After numerous speculations about the union of these giants, an agreement is expected to be signed on February 17. With an initial target of 100,000 vehicles a year, Apple should be ready to market its cars as early as 2024.
Apple in the auto market
It is not new that there are rumors about the intentions of Apple to enter the auto market. But, according to some experts, the company will take half a decade to launch an autonomous electric model. In general, this suggests that there is no rush to find and establish partnerships.
Either way, Apple would become a competitor for companies like Tesla, Lucid Motors and Nio Inc, as well as for Daimler and Volkswagen. This idea, it is worth remembering, is not exclusive to Apple. Last month, iPhone maker Foxconn announced a partnership with Chinese automaker Zhejiang Geely Holding Group Co. to provide production and consulting services to global automotive companies.