Technology

Apple and Hyundai to Sign Electric Car Deal by March, Production to Begin in 2024

Apple Hyundai car

Apple Car will be built in America by Hyundai and prototype of the electric car may be ready in 2022 before production kicks off in 2024

Local newspaper Korea IT News revealed on Sunday that Hyundai Motor and Apple Inc plan to sign a partnership agreement on autonomous electric cars by March and start production in the United States as early as 2024.

The news follows a Hyundai Motor announcement on Friday that it was in initial talks with Apple after another local media outlet said the companies were planning to launch a self-driving electric car in 2027, sending almost 20 percent of Hyundai shares.

As per the latest reports that emerged from industry sources, the pair intend to manufacture the vehicles at the Kia Motors factory in Georgia, or jointly invest in a new factory in the United States, with a plan to produce 100,000 vehicles at the planned 400,000 annual capacity plant in 2024. Kia Motors is a Hyundai Motor partner.

Meanwhile, according to the report, next year, Hyundai and Apple plan to release a “beta version” of Apple vehicles.

Last month, the news started circulating regarding Apple’s development ahead with autonomous vehicle technology and that as early as 2024 it was looking to manufacture a passenger car that could have its own breakthrough battery technology.

Shares in Hyundai Motor rose 14.6% in morning trade on Monday, while affiliate auto parts maker Hyundai Mobis shares rose 12.7% and Kia shares rose 9.1% versus a 2% gain in the wider market.

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