Apple is reportedly nearing a deal to build its autonomous electric car with Hyundai

Apple is nearing a manufacturing agreement with Hyundai Motor Group, CNBC reported.

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Apple and Hyundai are nearing a deal to construct an electric car together, CNBC reported Wednesday. 
The Apple-branded automobile would be constructed in Kia’s plant in Georgia, the outlet reported. 
Sources told CNBC the deal was not completed and Apple may associate with another automaker.
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Apple is nearing a deal with Hyundai Motor Group to build a self-driving electric vehicle of its own,” CNBC’s Phil LeBeau and Meghan Reeder reported Wednesday, citing numerous sources knowledgeable about the undertaking.

If Desired, the EV will be Apple-branded and constructed at Kia’s assembly plant in West Point, Georgia, CNBC reported. 

Sources told the outlet the deal was not completed yet and Apple might decide to associate with another automaker, either instead of or in addition to Hyundai. The technology company is seeking to create the car in North America and associate with a carmaker that will allow it to take the reins in regards to software and hardware, sources said. 

As for details regarding the vehicle itself, 1 source told CNBC Apple’s automobiles would not be built to possess a driver so they’d be targeted toward”the last mile,” indicating that the vehicles might be commercial in character. Apple is eyeing 2024 for manufacturing, sources knowledgeable about the Hyundai deal told CNBC, but it could be postponed.

Read : One of Apple’s key execs may be moving to work on the technology giant’s electric vehicle project. Here are the three auto companies that are likely to create the car, specialists say.

Apple’s stock jumped more than 2% on the news in after-hours trading. 

Rumors have been around for many years that Apple intends to construct an EV, and speculation has skyrocketed lately.

Back in December, Reuters reported Apple planned to establish a self-driving EV as soon as 2024, citing unnamed sources knowledgeable about the technology giant’s plans. Sources told the outlet the vehicle would not be a commercial vehicle or a self-driving cab but a customer vehicle. Rather than competing with robo-taxi firms like Waymo, Apple would likely rival electric-car makers like Tesla and Rivian. 

The vehicle would utilize Apple’s advanced battery technology, that has the capacity to”radically” decrease charging period and increase range, 1 source told Reuters.

Hyundai declined to comment when reached by Insider. A spokesperson for Apple didn’t immediately respond to Insider’s request for comment.

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