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Apple to invest $3.6 billion in Hyundai’s Kia, plans to debut electric car in 2024: Report


At the start of this week, noted analyst Ming-Chi Kuo shed some details on Apple’s partnership with Hyundai for developing its highly anticipated electric car that will be based on the Korean automobile giant’s E-GMP platform for EVs. Now, as per a report from Korea’s DongA.Com, Apple is in talks to invest a KRW 4 trillion (~ $3.6 billion) in Hyundai’s Kia subsidiary. The contract will reportedly be signed later this month (likely on February 17) after talks between the two companies began last month.

Hyundai's Kia will build dedicated production lines for Apple at its Georgia facility

As per the report, Kia will handle the Apple Car project as Apple aims to set up exclusive production units at Kia’s facility in Georgia. More importantly, Apple has reportedly set a target of 2024 to debut its electric vehicle, and aims to produce 100,000 units of its electric car per year. Overall, Apple is said to have planned an initial run of 400,000 units for its first electric car. And to achieve those numbers, Kia is expected to build a dedicated production line for Apple’s EV.

READ MORE: More details about Apple’s electric car and partnership with Hyundai surface online

Additionally, Hyundai Glovis – which provides car distribution as well as a wide range of logistics services – will reportedly play a key role once the Apple Car hits the market. Apple is said to have cherrypicked Hyundai because the company has an electric vehicle platform of its own, owns a production facility in the US, and is deemed capable of fulfilling the 2024 production target that Apple has planned.


What to expect from the Apple Car?

Apple aims to produce 100,000 units of its electric car annually

As for the specifics of Hyundai E-GMP – the platform on which the Apple Car will reportedly be developed – it is claimed to offer a range of 500 km on a single charge. Plus, Hyundai claims that the battery goes from zero to 80% in just 18 minutes. Coming to the speed and acceleration figures, the Hyundai platform offers a top speed of 260 km/h and can go from 0-100 km/h in just 3.5 seconds.

It is also claimed to offer the world’s first multi-charging (400V/800V) and bi-directional power conversion function.
READ MORE: Hyundai confirms Apple is developing an electric car

Of course, the Hyundai E-GMP platform can be heavily modified and tweaked to a carmaker’s liking, which means the numbers mentioned above might vary depending on the direction Apple chooses to go with its first electric vehicle. Apple Car will reportedly be a high-end offering that will sit above what the likes of Hyundai and Volkswagen have planned when it comes to democratizing the technology towards the shared goal of a greener future – and also making a lot of money in the process.

VIA: Bloomberg

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