Kia SportageSource: Kia

What you need to know

  • The Wall Street Journal reports that Kia is seeking potential manufacturing partners to help build a rumored Apple Car.
  • Apple is in talks to invest more than $3 billion into the company.

A new report says Kia is in talks to try and find manufacturing partners for its rumored production of Apple Car.

According to The Wall Street Journal:

Kia Corp. has approached potential partners about a plan to assemble Apple Inc.'s long-awaited electric car in Georgia, according to people familiar with the matter.

The proposal would involve a multibillion-dollar investment, according to people familiar with the matter, who stress that a deal hasn't been completed. If successful, it would thrust the iPhone maker into the car business after several years of secretive work in which its engineers plotted to upend the 100-plus-year-old automotive industry.

Earlier this week it was reported that Apple is planning to invest some $3.6 billion in Kia to help it produce an autonomous electric vehicle for Apple, likely at its West Point factory in Georgia in the United States. A deal could be struck as early as mid-February and could involve producing 100,000 cars a year starting in 2024.

Multiple reports for several weeks suggest Apple is in talks with Kia and parent company Hyundai over production of an Apple Car. Recently, supply chain insider Ming-Chi Kuo suggested that Apple Car will be built on Hyundai's E-GMP electric vehicle platform. The car will reportedly be a very high-end model that is much more expensive than a Tesla.

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Shares in Kia and Hyundai have risen dramatically following reports of their respective involvement in helping Apple to produce an electric vehicle. Despite the slew of recent rumors, the prospect remains several years away.