Apple Invests $3.6 Billion into Kia for Electric Vehicle Plans: Report

The electric vehicle (EV) market is still in its infancy, to be sure, but companies are already making some big moves to secure their spots in an all-electric future.

Kia Motors, the affiliate company of Hyundai, saw its share prices surge 14.5% following announcements that Apple would be investing 4 trillion won ($3.6 billion USD) into the company, as reported by Bloomberg.

The investment comes to the South Korean automaker following Hyundai’s public proclamations of talks with Apple about building an EV, to be built out of the Kia facility in West Point, Georgia, if a deal was to be signed.

This investment would make it seem that Hyundai’s rumors of building an Apple Car are now confirmed.

Most analysts assume that the project is still brand new, with an actual Apple Car is not expected to hit the market for at least half a decade. Regardless, the companies are expected to sign a deal on February 17, with the production of the Apple Car potentially beginning in 2024.

As the world prepares for an Apple Car to hit production facilities, its eyes are still on Tesla as the world’s dominant EV maker. Whether or not Tesla’s position as the world’s top automaker will shift in the years to come will depend on other companies’ abilities to create and mass produce the perfect EV.