Apple plans to kick off production on its long-rumored electric vehicle by 2024.
According to local newspaper Korea IT News, Apple and Hyundai are planning to sign an agreement on a new partnership by March, helping both companies prepare for their new roles and responsibilities.
The news follows last week’s revelation by a Hyundai spokesperson that the two companies were indeed in talks about an Apple Car production deal.
Speaking to journalists, a spokesperson said: “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.”
According to Korea IT News, the two companies should reach a deal by March of this year, and then production on the electric vehicles can begin as soon as 2024 in the United States.
Their insiders suggest that Apple will build cars at the Kia Motors factory in Georgia, or instead invest in a new factory somewhere in the United States, though the latter would naturally push back production by another year or two. Combined, Apple and Hyundai want to manufacture 100,000 vehicles in 2024, before reaching an annual capacity of 400,000.
The report added that Apple would begin “beta testing” an EV from as soon as 2022.
What’s interesting to note is that the proposed timeline is faster than some insiders had previously predicted, with many believing it would take between five and seven years before Apple could manufacture its own vehicles.
Indeed, Ming-Chi Kuo suggested that the rollout could not take place before 2028 due to logistical issues, so a partnership between Apple and Hyundai must indeed help the company cut some red tape and speed up its venture.
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