Kia Shares Surge Overnight After Report Of $3.6 Billion Investment From Apple

Shares of Kia were up as much as 14.5% overnight after a report that the auto manufacturer had received a $3.6 billion investment from Apple. 

The investment reportedly comes as “part of a collaboration on making electric vehicles,” according to Bloomberg.

Apple plans “to set up production with Kia and build Apple cars at the automaker’s facility in Georgia, U.S.,” the report notes. It says the company could sign a deal as quick as February 17 and then aim to introduce vehicles together by 2024. The report also said they have an initial target of 100,000 cars per year – a number that’s consistent with previous reports about Apple shopping for an EV partner.

Recall, previously, there had been rumors of an Apple and Hyundai tie-up. Last month, those rumors seemed to gather steam after it was reported that the two companies would would announce a partnership deal in March.

We also noted last month that Apple was speaking to several different automakers, not just Hyundai:

“We understand that Apple is in discussion with a variety of global automakers, including Hyundai Motor. As the discussion is at its early stage, nothing has been decided.”

And we said in our January 11th report on Apple’s EV aspirations:

The two companies “plan to start production around 2024 in the United States,” the report says. “The first media report that appeared over the weekend in South Korea noted the companies plan to use Kia Motors’ factory in Georgia, or alternatively, build a new factory in the United States.”

It is being reported that the partnership has a goal of producing 100,000 vehicles in 2024. 

Last month, news broke that an Apple Car was “at least” a half decade away – but appeared to be on its way, nonetheless.