Report: Kia to Build Apple’s Electric Car in Georgia in 2024

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Shares of Korean automaker Kia Motors surged after a major South Korean newspaper reported that Apple (NASDAQ: AAPL) will invest $3.6 billion in Kia as part of a deal to build Apple cars in Kia’s U.S. factory. 

The paper, Seoul-based Dong-A Ilbo, reported that Kia and Apple are close to a deal under which Kia will build Apple’s long-rumored electric car in its factory in West Point, Georgia. The initial production target is 100,000 vehicles per year starting in 2024, according to the report, with the potential to expand to a maximum of 400,000 per year. 

As part of the deal, Apple will invest 4 trillion Korean won ($3.6 billion) in Kia, per the report. 

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