The rumour mill surrounding Apple’s electric vehicle ambitions continues to churn.
According to local South Korean newspaper, DongA Ilbo, as first reported by Bloomberg, Apple will soon announce a major contract with Kia worth approximately $3.6 billion (roughly $4.6 billion CAD). The report goes on to say that the tech giant aims to produce 100,000 cars a year starting in 2024.
Earlier this month rumours emerged that Apple is working towards forging a parts supply and manufacturing partnership with Hyundai. Though not exactly the same as earlier reported rumours, Hyundai holds a significant stake in Kia. There has also been speculation that Kia is only handling the U.S. production of Apple’s vehicle.
It’s unclear how the rumoured contract with Kia will work, but it’s likely to be similar to the partnerships Apple has in place for its other products. This means that while the vehicle is designed by Apple, parts and manufacturing will be supplied by Kia.
Reports regarding Apple’s electric car project have been swirling since as early as 2015. At one point it seemed like ‘Project Titan’ was entirely cancelled, but the wave of recent rumours indicates that the project is still in the works.
Recently, reports emerged that Hyundai executives are “divided” regarding a potential partnership with Apple. This same report from Reuters mentions that Hyundai is considering handing off the Apple Car project to Kia.
Source: Bloomberg Via: DongA Ilbo
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