Apple’s electric car may arrive in 2024

KUALA LUMPUR: Global IT leader Apple has long been rumoured to be working on an electric car, and the recent waves sound like it is finally going to happen. According to Reuters, the company is about to close the deal with Hyundai and will make it official in March. The report also states that the Apple car concept may get ready in 2022 ahead of the production-spec model rolling out in 2024.

Going by the new report, the tech giant would manufacture the upcoming car in America, either at an all-new facility or at the Kia plant located in Georgia, which currently builds the Sorento, Telluride, and K5. The reported production target for 2024 is 100,000 units with the possibility of annual 400,000 vehicles to be built in the following years.

This report reinforces the earlier rumours which revealed that Apple is planning to build the vehicle with the help of the Hyundai Motor Group due to the high technology costs and the necessary production facilities.

“Apple needs to partner with a carmaker because it doesn’t have production capabilities and sales networks to sell its cars. Building up those capabilities can’t be done quickly so Apple will need a partner for that,” said Lee Han-Joon, an analyst at KTB Investment & Securities Co.

The Korea Economic Daily also claimed that the automaker has completed internal talks regarding this project and is waiting for the chairman’s approval. The effect of this news reflected in Hyundai’s share price, which gained an increase of 24 percent in a single day; the biggest daily gain the company has witnessed since 1988.

However, Apple had no immediate comment on Reuter’s report, while Hyundai reiterated its earlier response that it has received requests from various companies for potential cooperation on developing autonomous electric vehicles.

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