Apple will invest $3.6 billion in Kia Motors to build an Apple Car, report says

Apple is investing 4 trillion won ($3.6 billion) in Kia Motors in a collaboration to built an electric car.

This is according to a report by Korean outlet DongA Ilbo (via Bloomberg), which claims a deal may get inked on February 17. According to the report, the plan is to launch the Apple Car in 2024, with an initial target of producing 100,000 cars per year. This can later be expanded to 400,000 units, the report claims.

Apple's funds will be used to build exclusive facilities for the production and development of Apple Car.

The report follows a January report that Apple is talking to Hyundai about Apple Car production, which Hyundai has readily confirmed. The company noted, however, that the discussion was "at its early stage" and that "nothing has been decided." However, Hyundai later revised the statement, only confirming that it's been talking to partners about building an autonomous electric vehicle.

Now, both Kia (which is partially owned by Hyundai) and Apple declined to comment on the news to Bloomberg.

As for the Apple Car itself, Apple analyst Ming-Chi Kuo yesterday revealed possible specs for the vehicle. The car will reportedly have more than 300 miles of range on a full charge, and should get 60 miles of range on a five-minute charge. It will also be able to go from 0-60 mph in less than 3.5 seconds, and have a top speed of 160 mph. These specs, Kuo said, are for the high-performance model, meaning there should be at least one, cheaper, regular model.

Kuo also said the car would be built in partnership with Hyundai. His timeline doesn't fully line up with this new report from Korea, as Kuo said the car would launch in 2025 at the earliest.

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