AAPL - Kia Motors shares soar on EV tie-up with Apple - Reuters

Shares of Hyundai Motor (HYMLF) affiliate, Kia Motors (KIMTF) jumps 10% in South Korea following a local media report that Apple (AAPL) will invest KRW4T ($3.6B) as part of a collaboration with the carmaker to build electric vehicles ((EV)), source Reuters.South Korean daily newspaper DongA Ilbo reported that the iPhone maker plans to produce its EV at Kia's facility in Georgia, U.S.Apple aims to produce 100,000 vehicles annually by 2024 at the Kia plant, with plans to expand annual capacity to 400,000 at a later stage.The deal is expected to be signed on Feb. 17.Yesterday, analyst Ming-Chi Kuo of TF Securities said that Apple will team with Hyundai for first Apple Car model.

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Kia Motors shares soar on EV tie-up with Apple - Reuters