The iPhone makers have decided to go all in and invest in Kia Motors Corp to fulfill its electric car ambitions. According to a local news reporter DongA Ilbo Apple Inc have reportedly invested US 3.6 billion in South Korean Company Kia motors.
The companies are expected to seal the deal on February 17 and aim to introduce the new Apple electric vehicle into the market in 2024. Representatives from both companies denied any comments on the reported news. Apple Inc aim to produce 100,000 cars annually at the automaker’s facility in Georgia, USA.
Following this local media news report stalks of Kia Corp jumped as much as 14.5% their highest ever since 1997. The exclusive facilities for the production are to be funded by the current investment.
Apple has been working on expanding the business into the automotive industry since 2014, with their Project Titan. They started designing their vehicle from scratch but stopped and reassessed their goals and once again came back into the software market. Apple hired Doug Field an apple veteran and who had experience with working at Tesla. He joined the team in 2018 and fired 190 people from Project Titan in 2019.
According to Apple analyst Ming-Chi Kuo, the car battery will work on a new design that would radically reduce the cost of batteries and the car will reportedly cover 300 miles on full battery. On a five-minute charge will cover 60 miles and will be able to go from 0-60 in 3.5 seconds with a top speed of 160 mph.