Apple to invest $3.6 billion in Kia to make EVs: Report

Apple Inc. will invest 4 trillion won ($3.6 billion) in Kia Motors Corp. as part of a collaboration with the South Korean carmaker on making electric vehicles, the DongA Ilbo newspaper reported, without citing anyone.

The iPhone maker plans to set up production with Kia and build Apple cars at the automaker’s facility in Georgia, U.S., the newspaper said. The companies may sign a deal on Feb. 17 and aim to introduce Apple cars in 2024, according to the report, which said they have an initial target to produce 100,000 autos a year.

Reports of Apple considering expanding into vehicles have led to speculation on potential manufacturing partners. The technology giant’s car-development work is still at an early stage, and the company will take at least half a decade to launch an autonomous EV, people with knowledge of the efforts have told Bloomberg News. That suggests the company isn’t in a hurry with partnership decisions.