Apple (AAPL) and Hyundai-Kia are going to build an Apple Car - for real this time.
Shares of both Apple and Kia got a boost following a report from Korean newspaper DongA Ilbo that Apple was investing 4 trillion won ($3.6 billion) in Kia to build the Apple Car. Apple will set up production with Kia and build Apple cars at its Georgia plant, according to the news report.
While unconfirmed, expectations that Apple is partnering with a car company to enter the EV market will only add to Apple’s long-term growth story, influential Wedbush Securities’ research analyst Dan Ives wrote in a research note to clients.
The news follows an announcement from Hyundai earlier this month that it was in talks with Apple - and then suddenly was not - on developing a self-driving car.
The apparent slip of the proverbial tongue caused a big stir, not only because of how investors reacted to the initial news but because of Apple's notoriously tight-lipped approach to announcements and partnerships.
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