Apple plans to invest $3.6 billion or Rs 27,000 crores in Kia for its EV project

The biggest news in the last 24 hours is a reported investment by Apple in Kia Corporation. This news was big enough for Kia stock to rise by a whooping 14.5 percent in a single day. A report in a South Korean newspaper named DongA Ilbo made a sensational claim about Apple planning to invest as much as $3.6 billion or Rs 27,000 crores in Kia. This is the latest news in regards to Apple’s EV project. The ambitious EV project is named project Titan, an ode to the powerful gods in the mythical Greek legends.

As per the latest reports, Apple plans to set up production in collaboration with Kia cars. The manufacturing of EV would happen at the South Korean automaker’s manufacturing facility in Georgia, USA. The deal could be signed this month only with the initial aim to produce 100,000 units in a year. If everything goes according to the plan, the first Apple car could make its way by 2024.

Since the reports surfaced of Apple moving into the EV segment, there has been a lot of speculations and rumours in the industry. According to many, the tech giant is still working on the modalities on the drawing board with the launch still 5-6 years away. With little knowledge of car production, Apple sees an opportunity in tying up with an existing EV manufacturer like Kia. The American brand is taking its own sweet time in finding the right partner for its upcoming EV project. Only last month, Hyundai Motor Company released a statement denying any talks with Apple for the development of autonomous EV. 

With the launch of EV, Apple would rival the existing EV manufacturers like Tesla, Mercedes-Benz, Volkswagen and China-based Nio Inc in the fast-growing electric vehicle market. With rivals already steaming ahead, the iPhone maker sees benefit in close collaboration with a manufacturer in order to push forward the EV launch. This would save billions of dollars plus years of time for Apple if they invest in Kia.

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