- Shares of Hyundai Motor (OTCPK:HYMLF) affiliate, Kia Motors (OTCPK:KIMTF) jumps 10% in South Korea following a local media report that Apple (NASDAQ:AAPL) will invest KRW4T ($3.6B) as part of a collaboration with the carmaker to build electric vehicles (EV), source Reuters.
- South Korean daily newspaper DongA Ilbo reported that the iPhone maker plans to produce its EV at Kia's facility in Georgia, U.S.
- Apple aims to produce 100,000 vehicles annually by 2024 at the Kia plant, with plans to expand annual capacity to 400,000 at a later stage.
- The deal is expected to be signed on Feb. 17.
- Yesterday, analyst Ming-Chi Kuo of TF Securities said that Apple will team with Hyundai for first Apple Car model.