Apple to invest ~RM14 billion in Hyundai's subsidiary Kia for electric car production

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Apple entering the car business is not the latest news anymore as the rumours have been roaming around for years. Earlier, it was reported that the tech giant has finally taken the first step by choosing Hyundai as a partner for car production. Now, the deal might be closed soon as Apple is reportedly going to invest 3.6 billion USD (~RM14 billion) in Hyundai's subsidiary Kia.

According to the source, Apple is targeting Kia for its US facilities in Georgia for the future production of the electric car. As mentioned previously, Apple is aiming to begin the manufacturing process by 2024 with the initial expectation of 100,000 vehicles per year. It is claimed that the number could even go up to 400,000 units per year.

Furthermore, the insiders have also revealed that the reasons for Apple to lean on Hyundai to enter the car business are the electric vehicle platform - E-GMP, the production facilities in the US, and its reported ability to begin vehicle production by 2024. It is said that Kia will handle the production and manufacturing, while Apple will be in charge of self-driving hardware, software and user experience, battery technologies, semiconductors, and form factor.

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