The iPhone maker is in advanced talks with Kia Motors Corp to make its first ever fleet of electric cars in a deal worth £3.6bn.
Contracts could be signed as early as February 17 this year with plans to introduce Apple Cars by 2024.
The news of the impending deal has bolstered the South Korean car makers share price by 14.5%. It is believed an initial target would be to produce 100,000 cars a year from Kia’s facility in Georgia in the US.
A representative for Kia in Seoul and Apple in California declined to comment on the news however.
It is believed Apple’s car development technology is still in the early stages and reports suggest they could be at least 5 years off launching a completely autonomous EV (driverless car), so on the other hand they may not be in a hurry with any partnership deals.
Kia are in a much more advanced situation with 7 hybrid and 2 fully electric vehicles currently on the market.
Last month, Hyundai Motor Co., an affiliate of Kia backed away from a statement that said it was already in talks with Apple. The revised statement said they had been contacted by potential partners for developing an autonomous EV. Pundits believe Kia alone would be a more suitable fit for Apple Car manufacturing.
The electric car market, currently dominated by Elon Musk’s Tesla Inc, is an attractive proposition for any tech giant as electric is set to overtake new petrol car purchases by 2025.
In the UK there is a ban in 2030 on any new petrol and diesel cars.
Watch this space.
