Talks about the contract have been going on for over a month, and Feb 17th is when it will become signed and official. According to it, Apple will invest 4 trillion won (Approx. $3.6 billion) to set up production capabilities at the Kia Georgia plant in the United States. Once signed, Kia will be expected to produce nearly 100,000 units per year initially, and it can be expanded to 400,000 units at the max.
In related news, Apple will also be working with Hyundai for the development and design of the Apple Car. Specifically, Apple is interested in using its E-GMP battery electric vehicle (BEV) platform. The platform can have two motors, a five-link rear suspension, battery cells that can deliver up to 500KM of range, and high-speed charging.
When the news of Apple’s rumored investment came out, Kia saw their stock prices jumping up by nearly 14.5%. In the future, if the deal with Hyundai works out, Apple may look into partnering with General Motors and PSA to expand to other markets. If Apple is successful in bringing their electric vehicle to the market, they will be competing with the likes of Tesla, Lucid Motors, Daimler AG, and Volkswagen AG.